PSP Projects Limited — Updates, 21-11-2024: Press Release

Adani Infra (India) Limited has signed definitive agreements to acquire up to a 30.07% stake in PSP Projects Limited from founder promoter Mr. Prahladbhai S. Patel, who currently holds a 60.14% stake. PSP Projects is recognized as a leading EPC company in India, with an impressive order book valued at INR 6,546 Cr, having delivered notable projects like the Surat Diamond Bourse and Kashi Vishwanath Dham.

Post-acquisition, the existing management will remain in place, and Adani will have joint control with equal representation on the board. This partnership is positioned to enhance PSP's capabilities, aligning with the Adani Group’s ambition to invest USD 100 billion over the next decade in various infrastructure sectors. The transaction is subject to customary and regulatory approvals, including the completion of an open offer. This development signals potential growth for PSP Projects, driven by the expanding infrastructure landscape in India, warranting close observation from investors.