Competition Commission of India (“CCI”) vide Press Release No. 98/2024-25[1], dated January 28, 2025, approved the proposed acquisition of up to 72.64% shareholding in ITD Cementation India Limited (“Target Company”) by Renew Exim DMCC (“Acquiror”).
The proposed combination includes the following:
- Acquisition by the Acquirer of approximately 46.64%, equivalent to 8,01,13,180 (Eight Crores, One Lakh, Thirteen Thousand, One Hundred and Eighty) shares, of the total issued and voting equity share capital of the Target Company; and
- In accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended), the Acquirer has initiated an open offer for the further acquisition of up to 4,46,64,772 (Four Crores, Forty-Six Lakhs, Sixty-Four Thousand, Seven Hundred and Seventy-Two) fully paid-up equity shares, at a face value of INR 1 (Indian Rupee One only) each, representing approximately 26% of the Voting Share Capital of the Target.
The Acquirer is incorporated in Dubai, United Arab Emirates, and is part of the Adani group. The Acquirer being a holding company, is primarily engaged in investing in commercial enterprises and management and does not have any operations in India.
Further, the Target Company is an engineering and construction company involved in heavy civil infrastructure and Engineering, Procurement, and Construction (EPC) services. The Target Company operates both in India and internationally, with a well-established presence and expertise in EPC for maritime structures, mass rapid transit systems, airports, hydroelectric power, tunnels, dams and irrigation, highways, bridges and flyovers, industrial structures and buildings, water and wastewater systems, as well as foundation and specialist engineering.
[1] https://www.cci.gov.in/media-gallery/press-release/details/485/0