The Adani Group, through an entity owned by Vinod Adani, will acquire a controlling stake in infrastructure company, ITD Cementation, for Rs 5,758 crore, including the primary transaction and an open offer.

ITD Cementation's promoter entity, Italian-Thai Development Public Company has entered into an agreement to sell its 46.64 percent stake to Renew Exim DMCC, a Adani Group firm for Rs 3,204.5 crore. Renew Exim DMCC, a Dubai-based company, is owned by Valiant Investment DMCC. This investment company is owned and controlled by Vinod Adani, the elder brother of industrialist Gautam Adani, along with his wife. Post the open offer, Renew Exim DMCC would hold 72.64 percent stake in ITD cementation if the entire open offer goes through. 

Renew Exim has made an open offer to acquire up to 4.47 crore shares representing 26 pe cent of the equity capital of ITD for Rs 2,553.4 crore. Vinod Adani holds stake in several Adani Group firms through his investment firms and is part of the promoter group of the Ahmedabad-based conglomerate.

ITC Cementation is an EPC company with specialisation in maritime structures as well as urban infrastructure such as airports, and mass rapid transport systems.