Adani completes purchase of DP Jain TOT toll roads

Adani Enterprises Limited informed the stock exchanges on Tuesday that it has successfully acquired the remaining 49% equity share capital and 100% optionally convertible redeemable preference shares of D P Jain TOT Toll Roads Private Limited (DPJ TOT) through its wholly-owned subsidiary Adani Road Transport Limited (ARTL).

The transaction was confirmed to have been executed at an “arm’s length” basis. The consideration for the balance shares was paid in cash, based on an enterprise value not exceeding Rs 1,342 crore as of September 30, 2025, subject to closing adjustments. The company has formally notified the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about the transaction under Regulation 30 of SEBI Listing Regulations.

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After this transaction, DPJ TOT has become a fully-owned subsidiary of ARTL, strengthening Adani’s presence in road infrastructure development across Gujarat, according to the statement.

The acquisition was completed in phases, with ARTL initially acquiring 51% of DPJ TOT’s equity share capital in February 2026, followed by the remaining 49% stake completion on March 10, 2026. The transaction was executed under a share purchase agreement originally signed on September 12, 2025. The intimation of completion was received by the company on March 10, 2026 at 2:38 pm, according to the statement.

DPJ TOT, which was incorporated on May 6, 2021, holds the concession agreement for tolling, operation, maintenance and transfer of the Palanpur-Radhanpur-Samakhiali section of NH-27 highway in Gujarat.

With DPJ TOT now becoming a wholly owned subsidiary of ARTL, the Adani Group has strengthened its position in the toll road operations sector, the statement mentioned.