Adani Enterprises Completes Full Acquisition Of DP Jain TOT Toll Roads Through ARTL On March 10

Mumbai: Adani Enterprises has tightened its grip on a strategic highway asset, completing the final leg of its acquisition of D P Jain TOT Toll Roads Private Limited through its road infrastructure arm.

Completes Full Ownership

Adani Road Transport Limited, a wholly owned subsidiary of Adani Enterprises, has acquired the remaining 49 percent equity share capital of D P Jain TOT Toll Roads Private Limited along with 100 percent optionally convertible redeemable preference shares.

With this transaction completed on March 10, 2026, the toll road operator has now become a wholly owned subsidiary of ARTL. The acquisition follows an earlier transaction where ARTL had purchased a 51 percent stake in the company.

Deal Valued Up To Rs 1,342 Crore

The transaction for the balance stake was executed in accordance with a previously signed share purchase agreement. The deal values the enterprise at up to Rs 1,342 crore as of September 30, 2025, subject to closing adjustments.

The acquisition was completed through a cash consideration, and all regulatory approvals required for the deal were secured before the final closing.

Expands Road Infrastructure Presence

The move aligns with Adani Enterprises’ broader strategy to expand its footprint in the road infrastructure development sector.

Company officials indicated that bringing the asset fully under ARTL’s control strengthens the group’s presence in toll-based highway operations and improves its ability to manage infrastructure assets more efficiently.

Strategic Toll Road Asset

D P Jain TOT Toll Roads Private Limited operates under a concession agreement covering the Palanpur–Radhanpur–Samkhayali section of National Highway 27 in Gujarat.

The company was incorporated on May 6, 2021 and has reported steady revenue growth, with turnover rising from Rs 122 crore in FY23 to Rs 143 crore in FY24 and Rs 147 crore in FY25.

With the completion of this acquisition, Adani Enterprises strengthens its portfolio of transportation infrastructure assets while consolidating operational control over a key highway tolling project in Gujarat.

Published on: Tuesday, March 10, 2026, 06:00 PM IST