Adani Unit to Buy Stake in ITD Cementation for $381 Million

An arm of the Adani Group will acquire construction company ITD Cementation India Ltd. as the conglomerate bolsters execution capabilities of its infrastructure projects.

Dubai-based Renew Exim DMCC, a unit of billionaire Gautam Adani’s port-to-power group, has agreed to buy 46.64% of the firm from Thailand’s largest contractor for 32 billion rupees ($381 million), according to filingsFriday.

Renew Exim will pay 400 rupees a piece to Italian-Thai Development Pcl — a 25% discount to ITD Cementation’s last closing price of 533.65 rupees. It will also make an open offer for a 26% stake in ITD Cementation at ...