CAM, Khaitan act on Adani Group buying controlling stake in ITD Cementation India

Renew EXIM DMCC (part of the Adani group) is acquiring 46.64% shares in ITD Cementation India Limited from Italian-Thai Development Public Company for approximately ₹5,757.9 crore.

Cyril Amarchand Mangaldas (CAM) and Khaitan and Co acted on the transaction.

CAM represented Renew Exim DMCC on its acquisition of a 46.64% equity stake and control of ITD Cementation India Limited. The stake was purchased from Italian-Thai Development Public Company Limited, a prominent Thai construction firm.

The firm conducted due diligence on ITD Cementation, as well as reviewing, negotiating, and finalizing the transaction documents. The firm also assisted with the documentation for the open offer and the application to the Competition Commission of India.

The transaction was spearheaded by Partners Anchal Dhir and Ravi Shah, with Principal Associate Arnav Shah and Associates Neeti Amin and Swini Khara.

Avaantika Kakkar, Partner & Head – Competition, Vijay Pratap Singh Chauhan, Partner with support from Rajat Sharma, Senior Associate, Ananya Mahant, Associate, Jaibir Bindra, Associate and Parth Mishra, Associate is assisting with the notification to Competition Commission of India regarding the Transaction.

The due diligence was led by Ravi Shah, Partner, with support from Avani Dalal, Principal Associate, Neeti Amin, Associate and Vidhi Shah, Associate.

Abhishek Sridhar, Partner with support from Hrishikesh Bhise, Associate and Aadit Jogani, Associate advised and assisted on financing related aspects of the legal due diligence.

Monark Gahlot, Partner with support from Priyal Shah, Associate and Deepanshu Agarwal, Associate advised and assisted on litigation related aspects of the legal due diligence.

Khaitan and Co advised the selling shareholder Italian-Thai Development Public Company on this transaction.

The core team consisted of Abhishek Dadoo (Partner), Anvita Mishra (Principal Associate), Tanima Tandon (Principal Associate), Aayush Agarwal (Senior Associate), Gaurang Mansinghka (Associate) and Krithika Kataria (Associate) with assistance from the following:

Strategic advice and inputs: Bharat Anand (Partner) and Aditya Patni (Partner);

Competition law aspects: Pranjal Prateek (Partner) and Armaan Gupta (Senior Associate);

Securities laws related aspects: Gaurav Malhotra (Counsel);

Banking related aspects: Dr Siddharth Srivastava (Partner), Henna Vadhera (Counsel) and Yash Patel (Senior Associate);

Tax related aspects: Ritu Shaktawat (Partner) and Bharat Jain (Principal Associate).

The deal, formalized through a share purchase agreement (SPA), involves the acquisition of 8,01,13,180 equity shares, which constitute 46.64% of the ITD Cementation's share capital. Consummation of the transaction hinges on fulfilling certain conditions precedent, including obtaining necessary statutory approvals.

Notably, the execution of the SPA triggers an obligation for Renew Exim to extend an open offer to public shareholders of ITD Cementation, in accordance with the Securities and Exchange Board of India’s regulations governing substantial acquisitions and takeovers.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.