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EY India and EY Thailand acted as the exclusive sell-side M&A advisor to ITD
Italian Thai Development Public Company Ltd (ITD) on execution of a share purchase agreement (SPA) with Renew Exim DMCC, an Adani Group company, for sale of its entire 46.64% stake in ITD Cementation India Ltd (ITD Cem) for a total consideration of INR 3,205 Cr
This transaction provides a successful exit for ITD from its investment in ITD Cem. It strengthens the investment thesis that Indian EPC companies with strong technical, execution capabilities and sound financial health, will continue to attract interest from strategic investors in the infrastructure sector. This was a unique one-of-a- kind listed M&A transaction in which a major international strategic player exited by selling its entire stake to a large Indian strategic buyer. This transition significantly benefits the Indian strategic as it now has in-house EPC capabilities, enhancing its operational control and mitigating execution risk.