Adani Enterprises Subsidiary Takes Full Control of DP Jain TOT Toll Roads
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 latest transaction, the toll road operator has become a wholly owned subsidiary of Adani Road Transport.
The acquisition reflects the group’s ongoing efforts to expand its presence in India’s road infrastructure and transportation sector.
Stake Purchase Finalised
In a regulatory filing to stock exchanges, Adani Enterprises confirmed that Adani Road Transport has acquired the remaining 49% equity stake in DP Jain TOT Toll Roads.
Along with the equity acquisition, the company also purchased 100% of the optionally convertible redeemable preference shares in the toll road operator.
The transaction was completed under a previously signed share purchase agreement with D P Jain & Co Infrastructure Private Limited and DPJ-DRA Tollways Private Limited.
Company Now Fully Owned by Adani Road Transport
Adani Road Transport had earlier acquired a 51% stake in DP Jain TOT Toll Roads in February 2026. Following the completion of the latest deal on 10 March 2026, the company now holds 100% ownership.
The development strengthens Adani’s position in the toll road operations and transportation infrastructure segment, further consolidating its infrastructure portfolio.
Deal Value and Payment Structure
The acquisition was executed at an enterprise value of up to ₹1,342 crore, based on financials as of 30 September 2025, and remains subject to standard closing adjustments.
According to the company, the entire payment was made in cash.
Adani Enterprises noted that the deal aligns with its strategy to expand its portfolio of road assets and enhance its capabilities in infrastructure development and operations.
Toll Road Asset Under the Company
DP Jain TOT Toll Roads holds the concession for toll collection, operations, maintenance, and transfer of the Palanpur–Radhanpur–Samkhayali stretch of National Highway 27 in Gujarat.
The company was incorporated in May 2021 and has shown steady revenue growth over the past few years. Its reported turnover includes:
- ₹122 crore in FY23
- ₹143 crore in FY24
- ₹147 crore in FY25
This toll road project strengthens Adani’s expanding infrastructure footprint in western India.
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, making the company a wholly owned subsidiary. The deal gives the Adani Group complete control over the toll road project managing the Palanpur–Radhanpur–Samkhayali section of National Highway 27 in Gujarat, further strengthening its position in India’s road infrastructure and toll operations sector.
Disclaimer
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