Ahmedabad: The Competition Commission of India (CCI) has given its approval for Adani Infra’s acquisition of a 30.07% stake in PSP Projects Ltd. This move follows a significant portion of PSP Group’s order book being attributed to the Adani Group, which has become the largest contributor to the company’s order value.

Ownership of PSP Projects is held through family trusts such as the PSP Family Trust, PPP Family Trust, and SSP Family Trust. Following Adani Infra’s acquisition, the Adani Group now shares joint control of the company with the Patel family including Prahaladbhai Patel, Pooja Patel, Sagar Patel, and Shilpaben Patel. PSP Group’s total order intake stands at Rs 3,478.58 crore, with nearly Rs 1,631 crore coming from the Adani Group. This contribution was recorded just before the CCI’s approval of the acquisition.

PSP Projects, which went public on the BSE and NSE in 2017, raised Rs 244 crore in April 2024 via a qualified institutional placement.

On February 28, PSP Projects announced the receipt of work orders and letters of intent totaling Rs 1,764.12 crore (excluding taxes). Some major orders include:

• City-side development at Ahmedabad Airport worth Rs 647.22 crore from Adani Airport Holdings Ltd.
• Construction of Adani Medicity & Research Center at Ahmedabad, valued at Rs 411.72 crore, from Vitthal Mandir.
• Development of a residential project at Shantigram, Ahmedabad, worth Rs 139.93 crore from Adani Realty.
• Design and construction of a leadership guest house at Shantigram, Ahmedabad, valued at Rs 147.47 crore from Adani Enterprises Ltd.
• Airside and landside development work at Ahmedabad Airport, worth Rs 223.47 crore from Ahmedabad International Airport Ltd.
• Design and construction of a training center at Shantigram, Ahmedabad, valued at Rs 61.07 crore from Adani Enterprises.
• Development of Vishram Gruh at Asarva Civil Hospital Campus, Ahmedabad, worth Rs 51.00 crore.