Adani Infra, the infrastructure division of Adani Enterprises, has sought approval from the Competition Commission of India (CCI) for the acquisition of a significant stake in PSP Projects Ltd, a leading player in the industrial and luxury construction sectors. This move is set to enhance Adani Group’s foothold in India’s booming construction industry.
Strategic Acquisition Details
PSP Projects, renowned for high-profile developments such as the Surat Diamond Bourse, reported an order book worth ₹6,546 crore as of September 2024. As part of the deal, Adani Infra plans to acquire a 30.07% stake in PSP Projects from its promoter, Prahaladbhai S Patel, for ₹685 crore. Additionally, Adani Infra will make an open offer to acquire up to 26% more from minority shareholders, which could make it the largest shareholder in the company.
Assurance to CCI
Adani Infra assured the CCI that the acquisition would not disrupt competition across various sectors including real estate, airports, and infrastructure. Upon finalization of the deal, Adani Infra and the current promoters will hold equal stakes in PSP Projects.
This strategic acquisition underscores Adani Infra’s commitment to expanding its presence in India’s construction industry and enhancing its capabilities in executing large-scale infrastructure projects.
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