Cyril Amarchand Mangaldas has advised Adani Group's Dubai-based firm Renew Exim DMCC on its acquisition of a 46.64 percent stake in ITD Cementation India for around $380 million from Italian-Thai Development Public Company, who was represented by Khaitan & Co. 

Additionally, Renew Exim will acquire a 26 percent stake in ITD Cementation from public shareholders through an open offer, amounting to around $300 million if fully subscribed. 

The deal is set to boost Adani’s civil engineering capabilities as it scales up in sectors such as airports, highways, and metro projects. 

CAM’s transaction team was led by partners Anchal Dhir and Ravi Shah, supported by principal associate Arnav Shah and associates Neeti Amin and Swini Khara.

Competition law aspects are being handled by partner and head of competition Avaantika Kakkar and partner Vijay Pratap Singh Chauhan, supported by senior associate Rajat Sharma and associates Ananya Mahant, Jaibir Bindra, and Parth Mishra.

The due diligence team was led by partner Ravi Shah, who was supported by principal associate Avani Dalal and associates Neeti Amin and Vidhi Shah. Finance-related due diligence was handled by partner Abhishek Sridhar, supported by associates Hrishikesh Bhise and Aadit Jogani. The litigation aspects of due diligence were managed by partner Monark Gahlot, supported by associates Priyal Shah and Deepanshu Agarwal.

Khaitan’s team was led by partner Abhishek Dadoo, and included principal associates Anvita Mishra and Tanima Tandon, and associates Aayush Agarwal, Gaurang Mansinghka, and Krithika Kataria.

Strategic advice was provided by partners Bharat Anand and Aditya Patni. Competition law aspects were handled by partner Pranjal Prateek, while securities law matters were overseen by partner Gaurav Malhotra. Banking law advice was provided by partner Siddharth Srivastava and principal associate Henna Vadhera, with tax law aspects managed by partner Ritu Shaktawat.