Adani Enterprises Limited has informed stock exchanges that its wholly owned subsidiary, Adani Road Transport Limited (ARTL), has successfully completed the acquisition of a 51% equity stake in D P Jain TOT Toll Roads Private Limited (DPJ TOT). The transaction was officially completed on February 10, 2026, as per the share purchase agreement signed earlier in September 2025.
This move marks another important step in Adani Group’s ongoing expansion in India’s road and highway infrastructure space.
Key Details of the Transaction
The acquisition has been carried out at an enterprise value of up to ₹1,342 crore, calculated as of September 30, 2025, and is subject to standard closing adjustments. Importantly, the entire payment is being made in cash, highlighting the group’s strong financial position.
Key highlights:
- Stake acquired: 51% (controlling interest)
- Mode of payment: 100% cash
- Enterprise value: Up to ₹1,342 crore
- Completion date: February 10, 2026
About DPJ TOT and the Highway Asset
DPJ TOT operates in the roads and highways infrastructure sector and holds the concession for tolling, operation, maintenance, and transfer (TOT) of a crucial stretch of National Highway-27 in Gujarat.
The project covers the Palanpur–Radhanpur–Samkhayali corridor, extending from KM 536+000 to KM 430+000, making it a strategically important route for regional and interstate connectivity.
Asset highlights:
- Located in Gujarat
- Part of NH-27, a major national highway
- Operates under a long-term toll-operate-transfer model
Plan to Acquire the Remaining 49% Stake
Adani Enterprises clarified that ARTL plans to acquire the remaining 49% stake in DPJ TOT in phased tranches. This will be done after meeting all conditions precedent and obtaining the necessary regulatory approvals.
Notably, the National Highways Authority of India (NHAI) has already approved the acquisition of 100% equity in DPJ TOT, paving the way for full ownership in the future.
Strong Operational Performance of DPJ TOT
Since its incorporation in May 2021, DPJ TOT has shown consistent growth in revenues, reflecting steady traffic and operational efficiency.
Turnover performance:
- FY23: ₹122 crore
- FY24: ₹143 crore
- FY25: ₹147 crore
This steady increase strengthens the investment case for the asset.
Strategic Importance for Adani Enterprises
According to the company, this acquisition aligns perfectly with its long-term strategy to expand its road infrastructure portfolio. The deal further strengthens Adani Group’s presence in India’s transportation and logistics ecosystem, which is a key pillar of its infrastructure business.
Market Reaction
Following the announcement, shares of Adani Enterprises (BSE: 512599 | NSE: ADANIENT) remained in focus as investors tracked the group’s continued expansion in infrastructure assets.
