The Competition Commission of India has approved Adani Infra's acquisition of 30.07% stake in PSP Projects Ltd. This comes after a significant portion of PSP Group's order book was attributed to the Adani Group, making it the single largest contributor to the company's order value.
The total amount of orders received by PSP Group stands at Rs 3,478.58 crore, with nearly Rs 1,631 crore coming from the Adani Group alone. This contribution was recorded just before the CCI approved the acquisition.
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In November last year, the Gautam Adani-led conglomerate announced its intention to acquire stake in PSP Projects. Adani Infra had agreed to acquire up to 1,19,19,353 equity shares of the company held by Prahaladbhai Patel, one of the promoters of the company, under a share purchase agreement.
PSP Projects, which listed on the BSE and NSE in 2017, raised Rs 244 crore through a qualified institutional placement in April 2024. The company is considered a family business, primarily promoted by the Patel family, including Prahaladbhai Patel, Pooja Patel, Sagar Patel, and Shilpaben Patel.
Ownership is held through trusts like the PSP Family Trust, PPP Family Trust, and SSP Family Trust. With Adani Infra's recent acquisition, they now share joint control of the company alongside the Patel family.
On Feb. 28, PSP Projects announced the receipt of work orders and letters of intent worth Rs 1,764.12 crore (excluding taxes). Major orders include:
City side development at Ahmedabad Airport worth Rs 647.22 crore from Adani Airport Holdings Ltd.
Construction of Adani Medicity & Research Center at Ahmedabad worth Rs 411.72 crore from Vitthal Mandir.
Construction of a residential project at Shantigram, Ahmedabad worth Rs 139.93 crore from Adani Realty.
Design and construction of leadership guest house at Shantigram, Ahmedabad worth Rs 147.47 crore from Adani Enterprises Ltd.
Construction of airside and landside development work at Ahmedabad Airport worth Rs 223.47 crore from Ahmedabad International Airport Ltd.
Design and construction of training centre at Shantigram, Ahmedabad worth Rs 61.07 crore from Adani Enterprises.
Development of Vishram Gruh at Asarva Civil Hospital Campus at Ahmedabad worth Rs 51.00 crore.
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