CCI approves the proposed acquisition of up to 72.64% shareholding in ITD Cementation India Limited by Renew Exim DMCC

The Competition Commission of India has approved the proposed acquisition of up to 72.64% shareholding in ITD Cementation India Limited by Renew Exim DMCC.

The proposed combination involves the following:

1. Acquisition by Renew Exim DMCC (Acquirer) of approximately 46.64% equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of the ITD Cementation India Limited (Target).

2. Pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended) (Takeover Regulations), the Acquirer has launched an open offer for further acquisition of up to 4,46,64,772 fully paid-up equity shares having a face value of INR 1 (Indian Rupee One) each, representing approximately 26% of the Voting Share Capital of the Target (Open Offer).

The Acquirer is incorporated in Dubai, United Arab Emirates and belongs to the Adani group. The Acquirer is a holding company engaged in the business of investment in commercial enterprises and management. The Acquirer does not have any operations in India.

ITD Cementation India Limited is an engineering and construction company undertaking heavy civil, infrastructure and engineering, procurement and construction (EPC) business and operating in India and overseas with an established presence and expertise in EPC for maritime structures, mass rapid transit system, airports, hydro-electric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial structures and buildings, water & wastewater and foundation & specialist engineering.

Detailed order of the Commission will follow.