Adani Enterprises Completes Acquisition of D P Jain TOT
Filing Summary
Adani Enterprises Limited has completed the acquisition of the remaining 49% equity shares and 100% optionally convertible redeemable preference shares of D P Jain TOT Toll Roads Private Limited through its wholly owned subsidiary, Adani Road Transport Limited. The acquisition, finalized on March 10, 2026, was executed at an enterprise value not exceeding INR 1,342 crore, paid in cash. This transaction aligns with Adani’s strategy to expand its presence in the road infrastructure sector. D P Jain TOT operates the Palanpur-Radhanpur-Samkhayali section of NH-27 in Gujarat.
Adani Enterprises Limited has announced the completion of its acquisition of the remaining 49% equity shares and 100% optionally convertible redeemable preference shares of D P Jain TOT Toll Roads Private Limited (DPJ TOT). This acquisition was carried out by Adani Road Transport Limited (ARTL), a wholly owned subsidiary of Adani Enterprises. The transaction was finalized on March 10, 2026, following the terms of the share purchase agreement (SPA) previously executed with the sellers, D P Jain & Co Infrastructure Private Limited and DPJ-DRA Tollways Private Limited.
The financial terms of the acquisition specify that the shares were acquired at an enterprise value not exceeding INR 1,342 crore as of September 30, 2025. The payment for the acquisition was made in cash, subject to closing adjustments as per the SPA. This transaction completes ARTL’s acquisition of 100% of DPJ TOT’s shareholding, making it a wholly owned subsidiary.
DPJ TOT operates within the roads infrastructure sector, focusing on tolling, operation, maintenance, and transfer of the Palanpur-Radhanpur-Samkhayali section of NH-27 in Gujarat. The acquisition is part of Adani Enterprises’ strategy to enhance its footprint in the road infrastructure development industry. DPJ TOT was incorporated on May 6, 2021, and has reported turnovers of INR 122 crore, INR 143 crore, and INR 147 crore for the financial years 2023, 2024, and 2025, respectively.
The acquisition was completed in compliance with all necessary governmental and regulatory approvals. The initial 51% acquisition was completed earlier, as informed to the stock exchanges on February 10, 2026. The completion of this transaction was communicated to Adani Enterprises on March 10, 2026, at 2:38 PM IST.
Adani Enterprises Limited is a diversified company with interests in multiple sectors, including energy, resources, logistics, agribusiness, real estate, financial services, and defense. The company focuses on infrastructure development and aims to expand its operations across various industries to support India’s economic growth.