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"CCI Approves Renew Exim DMCC's Stake Acquisition in ITD Cementation".

Banking & Finance | Dated: 01 Feb 2025

On January 29, 2025, the Competition Commission of India (CCI) approved the proposal of Renew Exim DMCC, based in Dubai (United Arab Emirates, UAE), to acquire up to 72.64% stake in ITD Cementation India Limited, an Engineering & Construction Company, for Rs. 5,757 crore.

🎯 Key Highlights:

  • - Renew Exim DMCC, an Adani group affiliate owned by Vinod Adani, will purchase approximately 46.64% of ITD Cementation India Limited's total equity (around 8,01,13,180 shares) for Rs. 3,204 crore.

💡 Other Important Facts:

  • (i) In accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Renew Exim DMCC has made an open offer to acquire up to 4,46,64,772 fully paid-up equity shares, which constitute approximately 26% of the company's shares, for Rs. 2,553 crore, subject to full subscription.
  • (ii) ITD Cementation India Ltd, based in Mumbai (Maharashtra), specializes in engineering, procurement, and construction (EPC) projects such as dams, bridges, tunnels, and airports.

📚 Test Your Knowledge:

Which body recently approved Renew Exim DMCC's acquisition of a stake in ITD Cementation?

Correct Answer: CCI

🚀 Quick Recap: