Adani Enterprises Completes 51% Acquisition of DP Jain TOT Toll Roads for ₹1,342 Crore
Adani Enterprises, through its subsidiary ARTL, has acquired a 51% stake in D P Jain TOT Toll Roads Private Limited for an enterprise value not exceeding ₹1,342 crore. This acquisition is part of AEL's strategy to grow its road infrastructure business. DPJTOT holds a concession for NH-27 in Gujarat.
The acquisition of a majority stake in a toll road company is a significant business development that aligns with the company's growth strategy in infrastructure, impacting its future revenue streams and market position.
The acquisition is a strategic move to expand the company's footprint in the road infrastructure sector, indicating growth and expansion.
Adani Enterprises Limited (AEL) has announced the completion of its acquisition of a 51% equity share capital in D P Jain TOT Toll Roads Private Limited (DPJTOT). The acquisition was executed through Adani Road Transport Limited (ARTL), a wholly-owned subsidiary of AEL.
This move marks a significant step in AEL's strategy to expand its presence in the road infrastructure development sector. The acquisition was completed on February 10, 2026, as per the terms of the Share Purchase Agreement (SPA) initially signed on September 11, 2025. The total enterprise value for the acquisition is not to exceed ₹1,342 crore as of September 30, 2025, to be paid in cash, subject to closing adjustments.
DPJTOT, incorporated on May 6, 2021, holds the concession agreement for the tolling, operation, maintenance, and transfer of a specific section of NH-27 in Gujarat. The company reported a turnover of ₹122 crore in FY23, ₹143 crore in FY24, and ₹147 crore in FY25. The National Highways Authority of India has already approved the acquisition of 100% of DPJTOT's equity shares.
ARTL plans to acquire the remaining stake held by the sellers, D P Jain & Co Infrastructure Private Limited and DPJ-DRA Tollways Private Limited, in accordance with the SPA, pending the satisfaction of relevant conditions precedent and receipt of requisite regulatory approvals.
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Adani Enterprises Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Adani Enterprises Limited. Read the original for the full detail.