Adani Road Transport Limited (ARTL), a subsidiary of Adani Enterprises, has successfully completed the acquisition of the remaining 49% equity stake and 100% optionally convertible preference shares in D P Jain TOT Toll Roads Private Limited (DPJ TOT). This transaction, finalized on March 10, 2026, makes DPJ TOT a wholly owned subsidiary of ARTL. The acquisition aligns with the company’s strategy to expand its footprint in the road infrastructure development sector.
Full Ownership Achieved in DPJ TOT
Adani Enterprises Limited announced that its wholly owned subsidiary, Adani Road Transport Limited (“ARTL”), has finalized the complete acquisition of D P Jain TOT Toll Roads Private Limited (“DPJ TOT”). This final step, completed on March 10, 2026, involved acquiring the balance 49% equity share capital and 100% optionally convertible redeemable preference shares, as per the Share Purchase Agreement (SPA).
This follows an earlier intimation on February 10, 2026, when ARTL had already acquired an initial 51% stake in DPJ TOT.
Transaction Details and Rationale
The acquisition secures 100% ownership of DPJ TOT, which operates in the Roads – Infrastructure sector. The rationale provided is that this move is in line with the Company’s strategy to increase its footprint in the road development industry.
The transaction was confirmed to have been executed at an “arm’s length” basis. The consideration for the balance shares was paid in cash, based on an enterprise value not exceeding INR 1,342 crore as of September 30, 2025, subject to closing adjustments.
Background of the Target Entity
DPJ TOT was incorporated on May 6, 2021. It holds the concession agreement for the tolling, operation, maintenance, and transfer of the Palanpur-Radhanpur-Samkhayali KM 536 + 000 to KM 430 + 000 section of NH-27 in Gujarat.
The turnover history for the last three financial years for the target company is reported as follows:
- FY23: INR 122 crore
- FY24: INR 143 crore
- FY25: INR 147 crore
Conclusion and Compliance
All requisite governmental and regulatory approvals for this acquisition have been successfully received. With the completion of this transaction, DPJ TOT has officially become a wholly owned subsidiary of ARTL.
Source: BSE
