Adani Infrastructure has completed the acquisition of a 34.4% stake in PSP Projects, becoming the company’s promoter with joint control alongside existing promoters Prahaladbhai S Patel and PSP Family Trust. Adani Infra purchased a 23.09% stake in PSP Projects from the promoter group and an 11.2% stake from public shareholders through an open offer.
As part of the agreement, Adani Infra has received one seat on the board of directors of PSP Projects. Kattunga Srinivasa Rao, representing Adani Infra, has been appointed as an additional non-executive non-independent director.
PSP Projects is an Ahmedabad-based construction company specializing in residential, commercial, and government building projects. One of its recent high-profile projects was the construction of the Surat Diamond Bourse, the world’s largest office complex. In the first quarter of the current financial year, PSP Projects reported a revenue of โน512 crore and a profit of โน18.9 crore.
The acquisition marks a significant development in the company’s ownership structure, with Adani Infra now holding joint control alongside the existing promoters.
