Renew Exim DMCC Purchases 46.64% Stake from Italian-Thai Development for ₹5,757.9 Crore
Adani Group’s Renew Exim DMCC has successfully acquired a 46.64% controlling stake in ITD Cementation India Limited from Italian-Thai Development Public Company for approximately ₹5,757.9 crore.
The deal, structured through a share purchase agreement (SPA), involves the transfer of 8,01,13,180 equity shares, representing nearly half of ITD Cementation’s total share capital.
Cyril Amarchand Mangaldas (CAM) and Khaitan & Co acted on the transaction, with CAM advising Renew Exim DMCC on the acquisition. The firm was involved in the due diligence process, document review, negotiation, and finalization, as well as assisting with the open offer and filing with the Competition Commission of India (CCI). The CAM team was led by Partners Anchal Dhir and Ravi Shah, with support from Principal Associate Arnav Shah and Associates Neeti Amin and Swini Khara.
Khaitan & Co provided legal counsel to the selling shareholder, Italian-Thai Development Public Company, with a team led by Partner Abhishek Dadoo, and included strategic and competition law advice, as well as guidance on securities, banking, and tax-related matters.
The transaction is subject to regulatory approvals, and once completed, Renew Exim DMCC will be obligated to make an open offer to ITD Cementation’s public shareholders, in line with SEBI’s takeover regulations.
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