Adani Group To Pick Up 47% Stake In ITD Cementation As It Looks To Supercharge Portfolio: Report
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

The Adani Group, led by billionaire Gautam Adani, is reportedly planning to acquire a 46.64% stake in ITD Cementation India

What Happened: The Adani Group has emerged as the top contender to acquire the promoter’s stake in ITD Cementation India, according to a report by The Economic Times. The deal, valued at ₹5,888.57 crore, is likely part of the group’s strategy to strengthen its in-house civil engineering capabilities.

The Adani Group, a major player in the infrastructure sector, is diversifying its portfolio, which already includes airports, highways, ports, power plants and real estate projects. The agreement for this acquisition was reportedly reached earlier this week and an official announcement is expected shortly.

See Also: Vodafone Idea Shares Continue To Bleed As Brokerages Flag Concerns After Supreme Court’s AGR Verdict

ITD Cementation India, an engineering, procurement and construction (EPC) company, has a long-standing history dating back to pre-independence India. Over the years, the company has seen several changes in ownership.

The reported acquisition comes amid a rapid consolidation in the industry. In June, Ambuja Cements, a part of the Adani Group, announced a ₹10,442 crore acquisition of Penna Cement. The move aligns with Adani's ambitious goal of reaching 140 million tonnes per annum in capacity by 2028 and capturing a 20% market share amid strong domestic demand.

Previously, it was reported that the group had earmarked $3 billion (₹25,065 crore) to expand inorganically and become the biggest cement maker in the country.

Read Next: Why Macquarie Sees Upside For Tata Steel, Jsw Steel, Hindalco, Other Metal Stocks


Engineered by Benzinga Neuro, Edited by Nivedita Hazra


The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.


Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EquitiesLarge CapNewsAsset SalesMarketsAdani GroupAmbuja CementsGautam Adani