Ahmedabad
Adani Infra (India) Limited, an Adani Group company, will purchase a 30.07 percent stake in construction entity PSP Project Ltd for ₹685 crore.
In a filing with the stock exchanges, Ahmedabad-based PSP Project Ltd stated that Adani Infra has signed definitive agreements to acquire up to 30.07 percent stake from PSP Project Limited’s existing promoter Prahladbhai S Patel. Presently, Prahladbhai S Patel and Family own 60.14 percent stake in the PSP Projects.
The partnership will aim to propel PSP Projects into becoming one of the leading EPC companies in India, on the back of accelerated growth in India’s infrastructure development, the company added.
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PSP Projects Limited, has an order book of ₹6,546 crore, and has executed marquee projects such as Surat Diamond Bourse, Kashi Vishwanath Dham, Palladium Mall (Ahmedabad), among others. Adani Infra (India) Limited is the PMC arm of Adani Portfolio, which is owned 100% by the Adani Family.
Adani Portfolio of Companies is engaged in infrastructure development in ports, roads, airports, water, datacentres, power projects, renewable energy, green hydrogen, cement, transmission and distribution. Adani Portfolio of Companies is looking to invest $100 billion as capex over the course of next decade.
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PSP Projects will continue to be led by existing Chairman, MD & CEO Prahladbhai Patel, the founder promoter of PSP. As part of the transaction, Adani Infra will get equal rights and representation on the board. The transaction remains subject to customary approvals and regulatory approvals including completion of the open offer in compliance with SEBI Takeover Regulations. Cyril Amarchand Mangaldas acted as a legal advisor to the transaction and ICICI Securities will act as the merchant banker to the Open Offer, the company added.