India's Adani Infra will purchase a 30.07% stake in construction firm PSP Projects for 6.85 billion rupees ($81.2 million), the latter said on Tuesday.Adani Infra, owned by a unit of Indian billionaire Gautam Adani's flagship Adani Enterprises,

Adani Infra will buy a 30.07% stake in the construction company PSP Projects for Rs 6.85 billion (around $81.2 million), PSP Projects announced on Tuesday. Adani Infra, part of billionaire Gautam Adani's Adani Enterprises,

Billionaire Gautam Adani agreed to buy a majority stake in PSP Projects Ltd. as his ports-to-power conglomerate seeks to enhance its engineering and construction capabilities to execute infrastructure projects.

Adani Infrastructure will purchase a 30.07 per cent stake in PSP Projects for ₹6.85 billion, valuing the firm at ₹575 per share. An open offer for additional stakes will follow, as the company has an order book worth ₹65.

PSP Projects on November 19 said Adani Group firm Adani Infrastructure will acquire 30.07% stake in it from one of its founders for Rs 685 crore. Prahaladbhai S Patel, one of the promoters of PSP Projects,

Shares of Gujarat-based PSP Projects surged 14.5% to Rs 452.45 on the BSE following reports that the Adani Group is in talks to acquire a 60.14% majority stake in the company. The deal could trigger an open offer for an additional 26% stake from public shareholders.

The Adani Group is in advanced stages of negotiations to buy stake in PSP Project, sources with knowledge of the matter told CNBC-TV18. Sources said that the Adani Group may acquire 60.14% stake from its promoters.