Renew Exim Dmcc entered into a share purchase agreement to acquire 46.64% stake in ITD Cementation India Limited (BSE:509496) from Italian-Thai Development Public Company Limited (SET:ITD) for approximately INR 32 billion on October 25, 2024. A cash consideration of INR 32.05 billion will be paid by Renew Exim Dmcc towards 80.11318 million shares in ITD Cementation India Limited. In a related transaction, Renew Exim Dmcc proposed a mandatory open offer to acquire 26% stake in ITD Cementation India Limited (BSE:509496) for INR 25.5 billion. Upon completion, the Offeror's proposed shareholding after the acquisition of shares, including Offer Shares, assuming full acceptance will hold 12,47,77,952 Equity Shares of the Target Company, constituting 72.64% of the Voting Share Capital. The completion of the transaction is subject to receipt of relevant approvals from various statutory and regulatory authorities, including the Required Statutory Approvals, and other terms and conditions mentioned in the SPA. On January 28, 2025, The Competition Commission of India has approved the transaction.

Abhishek Dadoo, Anvita Mishra, Tanima Tandon, Aayush Agarwal, Gaurang Mansinghka, Krithika Kataria, Bharat Anand, Aditya Patni, Pranjal Prateek, Gaurav Malhotra, Siddharth Srivastava, Henna Vadhera and Ritu Shaktawat of Khaitan & Co. acted as legal advisor to Italian-Thai Development Public Company Limited. Anchal Dhir, Ravi Shah, Arnav Shah, Neeti Amin, Avaantika Kakkar, Vijay Pratap Singh Chauhan, Rajat Sharma, Ananya Mahant, Jaibir Bindra, Parth Mishra, Ravi Shah, Avani Dalal, Neeti Amin, Vidhi Shah, Abhishek Sridhar, Hrishikesh Bhise, Aadit Jogani, Monark Gahlot, Priyal Shah, Deepanshu Agarwal of Cyril Amarchand Mangaldas acted as legal advisor to Renew Exim Dmcc on the transaction. Ernst & Young Private Limited, Investment Banking Arm acted as financial advisor to Italian-Thai Development Public Company Limited.