Adani Road Transport Limited (ARTL), a subsidiary of Adani Enterprises, has successfully completed the acquisition of a 51% equity share capital in D P Jain TOT Toll Roads Private Limited (DPJ TOT). This milestone was achieved on February 10, 2026, following an initial agreement signed in September 2025. The total enterprise value for the full 100% acquisition is capped at INR 1,342 crore, payable in cash. The deal aligns with the Adani Group’s strategy to expand its road infrastructure footprint.
Completion of Initial Acquisition Phase
Adani Enterprises Limited announced the completion of a significant step in its infrastructure strategy. Adani Road Transport Limited (ARTL), a wholly owned subsidiary, has acquired a 51% stake in D P Jain TOT Toll Roads Private Limited (DPJ TOT). The formal intimation regarding the completion of this 51% acquisition was received by the Company on February 10, 2026.
This transaction follows the initial Share Purchase Agreement (SPA) execution dated September 11, 2025, which covered the intended acquisition of 100% shareholding in DPJ TOT from the sellers, D P Jain & Co Infrastructure Private Limited (“Seller 1”) and DPJ-DRA Tollways Private Limited (“Seller 2”).
Deal Structure and Financial Details
The acquisition consideration for the transaction is structured as cash payment. The deal establishes an enterprise value not exceeding INR 1,342 crore as of September 30, 2025, subject to customary closing adjustments.
The remaining balance stake held by Seller 1 and Seller 2 is slated for future acquisition by ARTL, contingent upon the satisfaction of remaining conditions precedent and securing all requisite regulatory approvals.
Target Entity Profile
DPJ TOT operates within the Roads – Infrastructure industry. The entity was incorporated on May 6, 2021, under the Companies Act, 2013. It holds a concession agreement for the tolling, operation, maintenance, and transfer of a specific section of NH-27 in Gujarat.
The strategic impact of this acquisition is deemed to be in line with the Company’s strategy to increase its road infrastructure development footprint. The target company’s turnover for the last three reported financial years is as follows:
- FY23: INR 122 crore
- FY24: INR 143 crore
- FY25: INR 147 crore
Source: BSE
