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Adani Enterprises Completes 100% Acquisition of DPJ TOT Toll Roads Private Limited

Adani Enterprises, through ARTL, acquires remaining 49% equity and 100% convertible preference shares of DPJ TOT Toll Roads, making it a wholly owned subsidiary, strengthening road infrastructure presence in Gujarat.
Adani Enterprises Completes 100% Acquisition of DPJ TOT Toll Roads Private Limited

Ahmedabad, March 10, 2026: Adani Enterprises Limited (ADANIENT) has successfully acquired the remaining 49% equity share capital and 100% optionally convertible redeemable preference shares of D P Jain TOT Toll Roads Private Limited (DPJ TOT) through its wholly owned subsidiary Adani Road Transport Limited (ARTL). With this transaction, DPJ TOT becomes a fully owned subsidiary of ARTL, strengthening Adani’s presence in road infrastructure development across Gujarat.

 

Key Highlights of the Acquisition

  • Target Company: D P Jain TOT Toll Roads Private Limited

  • Acquirer: Adani Road Transport Limited (ARTL), wholly owned subsidiary of Adani Enterprises

  • Stake Acquired: Balance 49% equity + 100% optionally convertible redeemable preference shares

  • Enterprise Value: INR 1,342 crore (as of Sept 30, 2025, subject to closing adjustments)

  • Consideration: Cash payment

  • Completion Date: March 10, 2026

  • Industry: Roads – Infrastructure

  • Approval Status: All necessary regulatory approvals obtained

  • Related Party Transaction: Yes, executed at arm’s length under the SPA

 

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About DPJ TOT Toll Roads

  • Incorporation: May 6, 2021

  • Business Scope: Concession for tolling, operation, maintenance, and transfer of Palanpur-Radhanpur-Samkhayali section of NH-27, Gujarat

  • Recent Turnover:

    • FY23: INR 122 crore

    • FY24: INR 143 crore

    • FY25: INR 147 crore

The acquisition aligns with Adani Enterprises’ strategy to expand its footprint in road infrastructure, enhancing the company’s portfolio of operational toll roads and long-term infrastructure assets.

 

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Strategic Impact

Industry analysts note that this acquisition:

  1. Strengthens Adani’s road infrastructure portfolio in western India.

  2. Ensures full operational control over DPJ TOT, enabling faster decision-making and project execution.

  3. Supports long-term revenue growth from toll operations and road maintenance contracts.

This milestone comes after Adani Enterprises had previously acquired 51% of DPJ TOT equity in February 2026, marking the completion of the full acquisition within a few months.

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