According to sources familiar with the situation, the Adani Group has positioned itself as the top contender in the competition to procure the promoter’s 46.64% share in ITD Cementation India, aiming to enhance its internal civil engineering expertise. The potential agreement, at present market rates, is estimated to be valued at 5,888.57 crore ($700 million), taking into account a fully subscribed open offer that is expected to ensue subsequent to the acquisition of the promoter’s stake, as reported by The Economic Times.
On July 4, 2024, Italian-Thai Development Public Company Limited (SET: ITD) has announced that it has sent a letter to ITD Cementation India Limited (ITDCEM), a listed company in the National Stock Exchange of India, to notify that the Company, as a shareholder of 46.64% in ITDCEM , is now exploring a possible divestment of its investments in ITDCEM. However, as the process is currently at a preliminary stage, no definitive decision has been taken yet.
According to the information from ITD Cementation India Limited’s official website, it is one of the leading Engineering and Construction Companies undertaking Heavy Civil, Infrastructure and EPC business and operating in India for nine decades with an established presence and expertise in Maritime Structures, Mass Rapid Transit Systems, Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, Bridges & Flyovers, Industrial Buildings and Structures, Foundation & Specialist Engineering.
