Adani Infra Seeks CCI Approval for PSP Projects Stake Acquisition

Billionaire Gautam Adani's firm, Adani Infra, is seeking approval from India's Competition Commission to acquire a majority stake in PSP Projects. The move involves buying shares from existing promoters and offering an open deal to public shareholders, potentially making Adani Infra the largest shareholder.

In a strategic move to expand its foothold in the construction sector, Adani Infra, led by billionaire Gautam Adani, has approached the Competition Commission of India (CCI) for the necessary clearance to acquire a substantial stake in PSP Projects Ltd.

PSP Projects, known for its significant portfolio including the Surat Diamond Bourse, is poised for a pivotal shift as Adani Infra plans to purchase shares from existing promoters, specifically Prahaladbhai S Patel, alongside making a public offer to other shareholders.

This acquisition tactic aligns with Adani Group's broader strategy of consolidating its influence across multiple sectors, underscored by recent acquisitions that highlight the conglomerate's aggressive expansion agenda.

(With inputs from agencies.)