Adani Infrastructure will acquire a 30.07 per cent stake in Gujarat-based construction firm PSP Projects for ₹6.85 billion.
The infrastructural company under Gautam Adani-owned Adani Enterprises will buy shares from the top shareholder of PSP Projects, Prahladbhai S Patel, Reuters reported on Tuesday.
PSP Projects works in industrial, institutional, residential and luxury projects including the Surat Diamond Bourse. As of September 30, the company had an order book of ₹65.46 billion, the report said.
The Adani Infra deal values PSP Projects at ₹575 per share, which is a 15 per cent discount from its closing price on Tuesday.
Additionally, Adani Infra will provide an “open offer” to purchase more stakes in PSP Projects as, according to Sebi norms, when a company buys more than 25 per cent of another’s shareholding, it added.
Adani’s other investments
The ports-to-power conglomerate is tapping into various sectors, including a $10 billion investment in energy security and infrastructure in the United States.
Gautam Adani announced that the company will invest $10 billion in energy and infrastructure projects in the United States in a social media post on Wednesday, November 13, while congratulating the US President-elect Donald Trump on his win against Democratic candidate Kamala Harris in the US Presidential Elections 2024. The investment plans to create nearly 15,000 jobs, according to Adani.
“Congratulations to @realDonaldTrump
As the partnership between India and the United States deepens, the Adani Group is committed to leveraging its global expertise and invest $10 billion in US energy security and resilient infrastructure projects, aiming to create up to 15,000 jobs,” Adani wrote on X.
Adani’s other investments include investing $5 billion in India’s metal business after completing two years in the country’s cement industry, as Mint reported on November 12.
This $5 billion funds will be invested in the next 3 to 5 years in mining, refining and production of copper, iron and steel, and aluminium, the report added.
