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CCI Gives Consent To Adani Group’s Renew Exim To Acquire Majority Stake In ITD Cementation
![Adani Adani](https://www.legaleraonline.com/h-upload/2025/01/30/1462601-adani.webp)
CCI Gives Consent To Adani Group’s Renew Exim To Acquire Majority Stake In ITD Cementation
Its expansion has sparked fierce competition in the cement industry
The Competition Commission of India (CCI) has approved the proposal of Renew Exim DMCC, a subsidiary of Adani Group, to acquire a majority stake in ITD Cementation India for Rs.5,757 crore.
ITD Cementation is an engineering and construction company that undertakes heavy civil, infrastructure and engineering, procurement and construction (EPC) business. It operates in India and abroad.
The regulator stated, "The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of 46.64 percent (8,01,13,180) shares of the total issued and voting equity share capital of the ITD Cementation India Ltd (target).”
Incorporated in Dubai, United Arab Emirates (UAE), Renew Exim is a holding company engaged in investments in commercial enterprises and management. It does not have operations in India.
Under the Securities and Exchange Board of India (SEBI’s) Substantial Acquisition of Shares and Takeovers) Regulations, Renew Exim has launched an open offer for further acquisition. It has proposed up to 4,46,64,772 fully paid-up equity shares having a face value of Re.1 each. This represents 26 percent of the voting share capital of the ITD Cementation.
Thus, Renew Exim will acquire a 72.64 stake in ITD Cementation.
In October 2024, Renew Exim entered an agreement to acquire a 46.64 percent stake in ITD Cementation from its promoters for Rs.3,204 crore.
Renew Exim has also given an open offer to acquire an additional 26 percent stake in an engineering and construction firm from public shareholders for Rs.2,553 crore.
The Adani Group has expanded its cement business rapidly through a series of acquisitions. In 2022, it acquired Holcim's Indian assets, which made the conglomerate the country's second-largest cement producer.
In June 2024, it purchased Hyderabad-based Penna Cement for Rs.10,422 crore. In October, it announced acquiring CK Birla Group firm Orient Cement for Rs.8,100 crore.
The Adani Group's expansion sparked fierce competition in the industry, especially with billionaire Kumar Mangalam Birla, whose UltraTech Cement is the market leader with an annual production capacity of over 150 million tonnes.