The Competition Commission of India on Tuesday granted approval for Gautam Adani led Adani Groups subsidiary Renew Exim DMCC to acquire a majority stake in ITD Cementation India Ltd for approximately Rs 5757 crore. ITD Cementation India is an engineering and construction firm specializing in heavy civil infrastructure and engineering procurement and construction (EPC) projects with operations both in India and internationally. CCI On Deal The proposed combination involves the acquisition by Renew Exim DMCC (acquirer) of approximately 46.64 per cent equivalent to 80113180 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. Renew Exim DMCC is incorporated in Dubai United Arab Emirates and belongs to the Adani group. It is a holding company engaged in the business of investment in commercial enterprises and management and does not have any operations in India. Pursuant to the Sebis SAST (Substantial Acquisition of Shares and Takeovers) Regulations Renew Exim DMCC has launched an open offer for further acquisition of up to 44664772 fully paid-up equity shares having a face value of Re 1 each representing approximately 26 per cent of the voting share capital of the ITD Cementation India the regulator added. In total Renew Exim DMCC will acquire a 72.64 stake in ITD Cementation India. Renew Exim DMCC Agreement In October 2024 Renew Exim DMCC announced it had entered into an agreement to acquire a 46.64 per cent stake in ITD Cementation India from its promoters for Rs 3204 crore. The acquisition also comes with an open offer by Renew Exim to acquire an additional 26 per cent stake in an engineering and construction firm from public shareholders for Rs 2553 crore if fully subscribed. The Adani Group expanded its cement business rapidly through a series of acquisitions. In 2022 it acquired Holcims Indian assets which made the conglomerate the countrys second-largest cement producer. In June 2024 Adani announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs 10422 crore. Thereafter the country’s second-largest cement manufacturer in October announced that it would acquire CK Birla group firm Orient Cement at a valuation of Rs 8100 crore as part of its expansion drive. (With Inputs From PTI)