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Adani Infra (India) Limited, a subsidiary of the Adani Group, has announced plans to acquire a 30.07% stake in Ahmedabad-based construction firm PSP Projects Ltd for ?685 crore. The deal involves the purchase of shares from PSP Projects’ existing promoter, Prahladbhai S Patel, who, along with his family, currently holds 60.14% of the company.
In a filing with the stock exchanges, PSP Projects confirmed that Adani Infra has signed definitive agreements to acquire the stake, marking a strategic move aimed at accelerating PSP Projects’ growth in India’s rapidly expanding infrastructure sector. The collaboration seeks to position PSP Projects as one of the leading EPC (Engineering, Procurement, and Construction) companies in the country, supported by the country’s increasing infrastructure development.
PSP Projects, which has an order book of ?6,546 crore, has successfully executed several high-profile projects, including the Surat Diamond Bourse, Kashi Vishwanath Dham, and Palladium Mall in Ahmedabad.
Adani Infra, the project management and construction arm of Adani Group, is part of the broader Adani Portfolio, which is engaged in diverse infrastructure sectors such as ports, roads, airports, power projects, renewable energy, green hydrogen, and more. The group is planning a substantial capital expenditure of $100 billion over the next decade.
As part of the agreement, PSP Projects will continue to be led by its founder and current Chairman, Managing Director, and CEO, Prahladbhai Patel. Adani Infra will gain equal rights and representation on the PSP Projects board. The transaction is subject to customary regulatory approvals, including an open offer in compliance with SEBI Takeover Regulations.
Cyril Amarchand Mangaldas is serving as the legal advisor for the transaction, while ICICI Securities will manage the merchant banking process for the open offer. |
