Adani Group’s Dubai-based company Renew Exim DMCC has successfully raised acquisition financing from a group of international investors, including BlackRock, to fund its majority stake acquisition in India-based ITD Cementation India Ltd, the Adani Group said in an official announcement on Wednesday.

After completion of the deal, Adani Group company Renew Exim will hold 67.45% of ITD Cementation, gaining a controlling stake in the Indian engineering and construction company which specialises in heavy civil and EPC projects, with expertise in marine structures, mass rapid transit systems, tunnels, power plants, dams, highways, bridges, and industrial infrastructure. ITD Cementation had a consolidated order book of Rs 17,986 crore as of Q2FY25.

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“This acquisition enhances the execution capabilities across our portfolio companies and strengthens our ability to deliver complex infrastructure projects in India. ITD Cementation brings proven expertise and a strong order book, making it a strategic fit as we expand our infrastructure footprint,” according to the Adani Group statement.

Adani Group’s Renew Exim has completed the open offer process, acquiring 20.81% of ITD Cementation’s equity. In October 2024, Renew Exim DMCC had announced an open offer to acquire an additional 26% stake in ITD Cementation India Limited after its agreement to purchase a 46.64% stake from the company’s promoters at a price of Rs 571.68 per share.

The company said it has made full payment for the tendered shares, and the remaining formalities are underway to complete the acquisition purchase of the promoter stake from Italian-Thai Development Public Company Ltd, as per a share purchase agreement dated October 25, 2024.

Earlier, the Competition Commission of India (CCI) had cleared the acquisition on January 28, 2025. Adani Group’s Renew Exim will acquire up to 72.64% of ITD Cementation for Rs 5,757 crore, including Rs 3,204 crore for the promoter stake and Rs 2,553 crore under the open offer option.