Adani Infra: acquire 30.07% stake in PSP Projects

Adani Infra (India) Limited has signed definitive agreements to acquire up to 30.07% stake in PSP Projects Limited from its founder-promoter Prahladbhai S. Patel, the company announced on November 19, 2024.

Shares of PSP Projects Limited were trading at ₹616.20 on the NSE at noon today, down ₹55.80 or 8.30 percent.

As a result of the transaction, Adani Infra will receive equal representation on the board of directors and joint control, while the current management of PSP Projects will continue to lead the company.

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PSP Projects, a leading engineering, procurement and construction (EPC) company, currently has an order book worth ₹6,546 crore and has delivered notable projects including Surat Diamond Exchange and Kashi Vishwanath Dham.

The partnership aims to accelerate the growth of PSP Projects in the Indian infrastructure development sector. Adani Portfolio, which owns Adani Infra, has ambitious plans to invest $100 billion in capex over the next decade across several infrastructure segments.

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The transaction is subject to customary and regulatory approvals, including completion of the open offer in accordance with the SEBI Takeover Regulations. Cyril Amarchand Mangaldas served as legal advisor and ICICI Securities acted as merchant banker for the open offer.