The Competition Commission of India (“CCI”) vide Press Release No. 106/2024-25[1], dated March 04, 2025, approved the proposed acquisition of equity shares of PSP Projects Limited (“Target Company”) by Adani Infra (India) Limited (“Acquirer”).
The transaction involves the acquisition of shares from Mr. Prahaladbhai S. Patel (the “Seller”) (Initial Acquisition), followed by an open offer to public shareholders (Open Offer). Upon the completion of the Initial Acquisition and the Open Offer, the Acquirer, the Seller, and the other existing promoters shall hold equal shareholding in the Target Company.
The entities involved in the proposed acquisition include:
- The Acquirer is a prominent infrastructure development company, specializing in providing comprehensive engineering, project management, and construction services for the power generation and transmission sectors. The Acquirer offers Project Management Consultancy (PMC) and Engineering, Procurement, and Construction (“EPC”) services across various sectors, including road, water, and power projects.
- The Target Company is engaged in the business of providing EPC services across multiple sectors, including industrial, institutional, residential, government, and government residential projects. The Target Company offers a wide range of construction and allied services, spanning from planning and design to construction and post-construction activities. These services include mechanical, electrical, and plumbing (MEP) work, as well as interior fit outs for both private and public sector enterprises.
[1] https://www.cci.gov.in/media-gallery/press-release/details/493/0