New Delhi: 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 acquisition by Renew Exim DMCC of approximately 46.64%, equivalent to 8,01,13,180 shares of the total issued and voting equity share capital of ITD Cementation India Limited.

Pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended), the acquirer has launched an open offer for the further acquisition of up to 4,46,64,772 fully paid-up equity shares with a face value of INR 1 each, representing approximately 26% of the voting share capital of the company.

The acquirer is incorporated ins to th Dubai, United Arab Emirates, and belonge Adani Group. It is a holding company engaged in 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 engaged in heavy civil infrastructure and engineering, procurement and construction (EPC) projects. It operates in India and overseas, with expertise in EPC for maritime structures, mass rapid transit systems, airports, hydroelectric power, tunnels, dams and irrigation, highways, bridges and flyovers, industrial structures and buildings, water and wastewater management, and foundation and specialist engineering.

A detailed order of the Commission will follow.

BI Bureau