Adani Enterprises has announced that its subsidiary, Adani Road Transport Limited, has completed the acquisition of the remaining stake in DP Jain TOT Toll Roads Private Limited. With this transaction, the road infrastructure company has become a wholly owned subsidiary of Adani Road Transport.
The move is part of the group’s broader strategy to strengthen its footprint in India’s road infrastructure and transportation sector.
Acquisition of Remaining Stake
In a filing to stock exchanges, Adani Enterprises stated that Adani Road Transport has purchased the remaining 49% equity stake in DP Jain TOT Toll Roads. The transaction also involved the acquisition of 100% optionally convertible redeemable preference shares in the company.
The purchase was executed under a previously signed share purchase agreement with D P Jain & Co Infrastructure Private Limited and DPJ-DRA Tollways Private Limited.
Company Becomes Wholly Owned Subsidiary
Adani Road Transport had earlier acquired a 51% stake in DP Jain TOT Toll Roads in February 2026. Following the completion of the latest transaction on 10 March 2026, the company now holds full ownership.
According to the company, the acquisition further consolidates its presence in the transport infrastructure and toll road operations segment.
Transaction Value and Payment Details
The deal has been completed at an enterprise value of up to ₹1,342 crore as of 30 September 2025, subject to certain closing adjustments. The payment for the transaction was made entirely in cash.
Adani Enterprises stated that the acquisition aligns with its ongoing strategy to expand its portfolio in road development, operations, and infrastructure assets.
Toll Road Project Under Management
DP Jain TOT Toll Roads currently holds the concession for the tolling, operation, maintenance, and transfer of the Palanpur–Radhanpur–Samkhayali stretch of National Highway 27 in Gujarat.
The company was incorporated in May 2021 and has reported consistent revenue growth in recent years. Its turnover stood at ₹122 crore in FY23, ₹143 crore in FY24, and ₹147 crore in FY25.
Summary
Adani Enterprises’ subsidiary Adani Road Transport Limited has acquired the remaining 49% stake in DP Jain TOT Toll Roads for an enterprise value of up to ₹1,342 crore. With this transaction, the toll road operator has become a wholly owned subsidiary of Adani Road Transport. The acquisition strengthens the Adani Group’s position in India’s road infrastructure sector and adds control over the Palanpur–Radhanpur–Samkhayali section of National Highway 27 in Gujarat.
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