Adani Enterprises arm to buy toll roads operator for Rs 1,342 cr

Mumbai: Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has agreed to acquire a 100% stake in DP Jain TOT Toll Roads Pvt Ltd (DPJTOT) for an enterprise value of ₹1,342 crore.

The share purchase agreement between the parties entails Adani acquiring the stake from DPJTOT, D P Jain & Co Infrastructure Pvt Ltd, and DPJDRA Tollways Pvt Ltd, Adani Enterprises said in a regulatory filing on Friday.

The deal is subject to regulatory approvals and fulfilment of customary conditions.


ARTL is currently undertaking three major hybrid-annuity mode (HAM) model projects in Chhattisgarh and Telangana, and the Ganga Expressway project in Uttar Pradesh. As of June 30, the company posted a 90% completion update of its HAM model projects, while the expressway was reported as 85% complete.

ARTL reported a 14% year-on-year decline in total income in the June quarter to ₹2,268 crore. However, earnings before interest, tax, depreciation and amortisation (Ebitda) grew 44% to ₹494 crore in the same period.

DP Jain and Co Infrastructure and DPJ-DRA Tollways are subsidiaries of Nagpur-based DP Jain Group, founded in 1975. DPJTOT was incorporated in 2021 to run operations on the NH-27 highway bundle in Gujarat.