CCI Approves Renew Exim DMCC's Acquisition Of Stake In ITD Cementation

The Competition Commission of India has approved Renew Exim DMCC's proposal to acquire up to 72.64% shareholding in ITD Cementation India Ltd.

The proposed deal involves Renew Exim DMCC — a Dubai-based holding company under the Adani Group — purchasing approximately 46.64% of ITD Cementation’s total issued and voting equity share capital, which amounts to over eight crore shares. This marks a move in expanding the Adani Group’s portfolio in India’s infrastructure and engineering sector.

Renew Exim DMCC, which is incorporated in the United Arab Emirates, does not have operations in India. The company focuses on investments in commercial enterprises and management.

ITD Cementation India Ltd. is a leading player in the engineering and construction industry, with extensive expertise in the execution of heavy civil projects, including engineering, procurement, and construction work. The company operates in India and abroad and is known for its capabilities in a range of infrastructure projects, such as maritime structures, mass rapid transit systems, airports, hydroelectric power plants, tunnels, dams, and bridges.

In October 2024, Renew Exim DMCC revealed that it had signed an agreement to acquire a 46.64% stake in ITD Cementation India from the company’s promoters for Rs 3,204 crore.

Additionally, Renew Exim has made an open offer to acquire a further 26% stake in the engineering and construction company from public shareholders, valued at Rs 2,553 crore, contingent upon full subscription.

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