India's Adani Infra will purchase a 30.07% stake in construction firm PSP Projects for 6.85 billion rupees ($81.2 million), the latter said on Tuesday. Adani Infra, owned by a unit of Indian billionaire Gautam Adani's flagship Adani Enterprises,

Adani Infrastructure, owned by Gautam Adani's flagship company, on Tuesday (November 19) made an open offer to acquire additional 26% stake (1 crore shares) in construction firm PSP Projects at ₹642.06 per share.

Adani Infrastructure will purchase a 30.07 per cent stake in PSP Projects for ₹6.85 billion, valuing the firm at ₹575 per share. An open offer for additional stakes will follow, as the company has an order book worth ₹65.

Prahaladbhai S Patel, one of the promoters of PSP Projects, is the seller who entered into a share purchase agreement with Adani Infra (India) Limited by selling 1.19 crore equity shares of the company, representing up to 30.07% of the paid-up equity share capital of the PSP Projects.

Billionaire Gautam Adani agreed to buy a majority stake in PSP Projects Ltd. as his ports-to-power conglomerate seeks to enhance its engineering and construction capabilities to execute infrastructure projects.