2024-11-19 20:10:14 :
Adani Infrastructure to acquire 30.07% stake in Gujarat-based construction company PSP Projects $6.85 billion.
The infrastructure company owned by Gautam Adani’s Adani Enterprises will buy stake from PSP Projects’ largest shareholder Prahladbhai S Patel, Reuters reported on Tuesday.
PSP Projects works on industrial, institutional, residential and luxury projects including Surat Diamond Exchange. As of September 30, the company’s order volume was $65.46 billion, the report said.
Adani Infra deal values PSP project at $The price is $575 per share, a 15% discount to Tuesday’s closing price.
Further, Adani Infra added that as per Sebi norms, when a company buys more than 25% stake in another company, Adani Infra will make an “open offer” to buy more shares in PSP Projects.
Adani’s other investments
The ports-to-power conglomerate is dipping its toes into a variety of areas, including investing $10 billion in U.S. energy security and infrastructure.
Gautam Adani announced in a social media post on Wednesday, November 13, that the company will invest $10 billion in energy and infrastructure projects in the United States, while congratulating President-elect Donald Trump on his victory over the Democratic candidate in the United States Kamala Harris 2024 presidential election. Adani said the investment is planned to create nearly 15,000 jobs.
“Congratulations @realDonaldTrump
As the partnership between India and the United States deepens, Adani Group is committed to leveraging its global expertise to invest $10 billion in U.S. energy security and resilient infrastructure projects aimed at creating up to 15,000 jobs. “
Mint reported on November 12 that Adani’s other investments include a $5 billion investment in the Indian metals business after working in the Indian cement industry for two years.
The $5 billion will be invested in the mining, refining and production of copper, steel and aluminum over the next three to five years, the report added.
Follow us On Social Media Twitter/X
