Adani Group is close to buying another company. This deal of Gautam Adani’s group, one of the richest persons in the country, is going to be done for about Rs 6 thousand crore, under which engineering and construction firm ITD Cementation can be acquired.
Deal can be done through open offer
According to a report by ET, Adani Group is leading the race to buy EPC company ITD Cementation. Adani Group is looking to buy 46.64 per cent stake in ITD Cementation. According to the current market value, this deal can be worth Rs 5,888.57 crore ($700 million). The deal can be completed through a fully subscribed open offer, in which the stake will be bought from the promoter.
The deal has already been agreed
The report quoted a source related to the matter as saying that both the parties have reached an agreement regarding the deal. Both the parties have agreed on the terms of the deal earlier this week. Now a formal announcement can be made soon. Adani Group hopes that the acquisition of ITD Cementation will expand its in-house civil engineering capabilities.
History older than India’s independence
The history of ITD Cementation Company is quite old and it is counted among the oldest companies of India. The company was started even before the independence of India. Its roots are linked to Britain. In the history so far, the company has been bought and sold many times. Today, ITD Cementation is associated with the engineering, procurement and construction sector.
The company told this in July
Promoter Italian-Thai Development Public Company has a 46.64 percent stake in ITD Cementation. This figure is till the end of the June quarter. The company had informed the stock market about the possible deal in July and said that the promoter shareholders are exploring the possibility of selling their investment in the company. At that time the company had said that the process of sale is still in the initial stage.
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