Adani Infra has sought the Competition Commission of India’s (CCI) clearance to pick up a stake in PSP Projects, further bolstering its construction capabilities, showed the company’s filing with the regulator.
Adani Infra, owned by a unit of billionaire Gautam Adani’s flagship Adani Enterprises, had in November 2024 said it would acquire 30.07% in PSP Projects for ₹685 crore.
It would also make an open offer for another 26% in PSP Projects from public shareholders to comply with the regulatory requirement that kicks in when a company buys more than 25% in a listed firm.
The company will buy the shares from Prahladbhai S Patel, who owns 47.76% in PSP Projects. The promoter and the promoter group, which includes Patel, holds 60.14% in total. The open offer would make Adani Infra the top shareholder in PSP Projects.
In its January 20 filing with the CCI, Adani Infra said: “The proposed transaction will not have any impact on the market dynamics of any market/segment in India, let alone cause an appreciable adverse effect on competition in any plausible relevant markets in India.”
PSP Projects, which has industrial, residential and luxury projects, such as the Surat Diamond Bourse and a plant for Nestle in Gujarat, had an order book of Rs ₹6,546 crore as of September 2024.
PSP provides services across the construction value chain, ranging from planning and design to construction and post-construction activities, including mechanical, electrical and plumbing work to private and public sector enterprises.
