Adani Group gets CCI clearance to acquire majority stake in ITD Cementation

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Adani Group gets CCI clearance to acquire majority stake in ITD Cementation - Business Standard

Quick Summary:

"The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64 per cent equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of the ITD Cementation India Ltd (target)," the Competition Commission of India (CCI) said in a release.

The Competition Commission of India on Tuesday approved Adani Group's arm Renew Exim DMCC's proposal to acquire a majority stake in ITD Cementation India for about Rs 5,757 crore.

ITD Cementation India Ltd is an engineering and construction company undertaking heavy civil, infrastructure and engineering, procurement and construction (EPC) business and operating in India and overseas.