Adani Group company Renew Exim DMCC has been allowed by the Competition Commission of India (CCI) to acquire ITD Cementation India. Renew Exim DMCC has received approval to get 72.64% stake in ITD Cementation India for around ₹ 5,757 crore.
Company Information
Renew Exim DMCC, which is registered in Dubai, United Arab Emirates, belongs to the Adani Group and has no operation in India. At the same time, ITD Cementation India Limited is a leading engineering and manufacturing company, which does business (engineering, procurement and construction) business besides heavy civil, infrastructure and engineering. The company operates projects in India and abroad.
Process of acquisition
In October 2024, Renue Exim DMCC entered into an agreement to buy a 46.64% stake with ITD Cementation Promoter Italian-Thai Development Public Company for ₹ 3,204 crore. The company has introduced an open offer for the acquisition of 4,46,64,772 fully paid equity shares representing approximately 26% stake in ITD Cementation India. By Q2Fy25, ITD Cementation India had an integrated work order of ₹ 17,986 crore.
Cement business expansion of Adani group
The group, led by billionaire Gautam Adani, is rapidly expanding its cement business. In 2022, it acquired Holsim’s Indian properties, including its stake in Ambuja Cements and ACC. In June 2024, the Adani Group acquired Penna Cement in Hyderabad at an enterprise price of ₹ 10,422 crore. In addition, the group also acquired CK Birla Group’s firm Orient Cement on the evaluation of ₹ 8,100 crore.
