Adani-backed Renew Exim DMCC to acquire a 73% stake in ITD Cementation for $685m.

Adani-backed Renew Exim DMCC, an offshore company, offered to acquire a 73% stake in ITD Cementation for $685m. The bidders agreed with ITD Cementation’s promoter Italian-Thai Development to buy its 46.64% stake. This will be followed by an open offer to buy an additional 26% from minority shareholders.