Adani Infra acquires 30% PSP Projects stake
Through a successful completion of the negotiations, Adani Infra (India) Ltd, a subsidiary of Adani Enterprises for ₹6.85 billion ($ 81.2 million) has agreed to acquire 30. 07 percent stake of PSP Projects Ltd. The shares will be bought back from PSP Projects largest shareholder and currently the chairman, managing director and the CEO of the company is Prahladbhai S. Patel. Since, this acquisition exceeds the 25% regulation of Indian law regulating any acquisition in an Indian company where a foreign company acquires over a 25% stake in the initial instance, Adani Infra wants to make an open offer to acquire another 26% of PSP Projects from other public shareholders. The amount basically translates into about ₹6.62 billion, and the offer price is ₹642.06 per share.PSP Projects is a diversified construction company that has ₹65.46 billion orders by September 30, 2024.
Some of its successful projects are Kashi Vishwanath Dham and Surat Diamond Bourse . With an aim to achieve the overall vision of becoming one of the leading Engineering, Procurement and Construction (EPC) companies in India, this strategic alliance plans to leverage the current fast growing infrastructure base of the nation. Strategic management of the company will continue with the multi-PIN structure with equal powers invested in the Adani group and the present promoters.
It is just part of the Adani Group’s diversification strategy where they are already on the lookout to expand its portfolio in a number of sectors and one of the mega deals it signed is a $10 billion deal to boost infrastructure and energy security in the United States.
