ITD Cementation India - now Cemindia Projects - is a heavy-civil contractor that has spent nine decades building the ports, metros, bridges and dams that underpin India’s infrastructure, and in 2025 it was folded into the Adani Group ecosystem, gaining a new name and a new promoter but keeping its engineering DNA intact. The company does not own the assets it builds; it earns by winning competitively tendered EPC (engineering, procurement and construction) contracts, executing them on time and to budget, and then moving its fleet of specialist equipment to the next complex job. That recurring approach - bid on technically demanding work where fewer rivals qualify, use a deep equipment bank and an integrated management system to deliver, and let a track record of completed projects open the door to the next tender - explains everything that follows.
Business segments
A single EPC engine organised into eight project verticals - maritime, urban infra and airports, industrial buildings, highways, data centres, hydro and tunnels, foundation engineering, and water - all sharing the same contract model, equipment fleet and execution discipline.
1. Maritime structures: the company’s largest and deepest moat
It builds jetties, berths, breakwaters and dry docks for India’s major ports, using a fleet of jack-up barges and trench cutters that few domestic rivals can match.
- A century of port-building - the company has completed or executed over 100 maritime projects and has developed or upgraded almost every major and minor port in India, which means it routinely pre-qualifies for tenders that exclude less experienced contractors.
- Equipment that doubles as a barrier to entry - it owns 3 jack-up barges, 5 trench cutters and 49 hydraulic piling rigs, a specialised marine fleet that lets it take on large-diameter piling and deep-water work without relying on hired kit.
- Chasing complexity, not volume - the strategy is to move toward larger, more technically demanding marine jobs where fewer players are qualified, using its past track record to get shortlisted.
- A signature job 8 km offshore - the Udangudi project in Tamil Nadu had reached roughly 60% completion and 8 km from shore by mid-2022, illustrating the kind of long-reach marine work the company now pursues.
2. Urban infrastructure, MRTS and airports: the metro and terminal-builder
It tunnels under crowded cities and builds elevated viaducts for metro systems, and modernises airport passenger terminals - a business built on seven tunnel boring machines and a track record across eight Indian cities.
- More than 40 km underground - the company has completed over 40 km of underground metro tunnelling and over 40 km of elevated viaducts, with 10 elevated and 8 underground metro projects in its book.
- The machines that make it possible - a fleet of 7 tunnel boring machines and 3 micro TBMs sits on its balance sheet, so it can deploy them to new metro tenders without the lead time or cost of sourcing from abroad.
- Airport work for public and private clients - it has completed 7 airport projects, including modernisation for the Airports Authority of India at Kolkata, Trichy and Pune, and for the Adani Group at Ahmedabad, Jaipur and Trivandrum.
- Breakthrough in Kolkata - in May 2021, its joint venture completed the entire TBM tunnelling for the Kolkata Metro East-West Corridor when the machine “Urvi” broke through at Bowbazar, a milestone in one of India’s most-watched underground projects.
3. Industrial structures and buildings: the institutional builder
It constructs factories, warehouses, court complexes, military buildings and university campuses - a diversified book of over 30 projects that draws on the same EPC machinery and management systems as the rest of the company.
- Government is the anchor client - key customers include Military Engineering Services, Central Public Works Department and various PSUs, providing a stable stream of institutional work.
- A wide aperture - projects range from the Thal Sena Bhawan in Delhi and a Calcutta High Court circuit bench in Jalpaiguri to industrial civil works for a coke-oven project at the Hazira steel plant in Gujarat.
- No dedicated equipment, by design - the segment uses the company’s shared fleet of piling rigs, cranes and earthmoving equipment rather than requiring its own specialist kit, keeping capital employed low.
4. Highways, bridges and flyovers: the corridor-builder
It has laid over 600 km of highways and bridges, including stretches on the Golden Quadrilateral, and in 2022 it landed its largest-ever EPC order - a six-lane greenfield expressway in Uttar Pradesh.
- A record order that reset the scale - the Rs 4,850 crore greenfield expressway contract, received in June 2022, was the single largest EPC order in the company’s history at that point, signalling its ability to bid for mega road projects.
- Subcontracting to manage execution - on large road jobs the company uses subcontractors for portions of the work, which lets it stretch its own resources across more projects.
- Clients include the Adani group - Adani Road Transport Limited and Rail Vikas Nigam Limited feature among key customers, creating a natural fit after the ownership change.
5. Data centres: the new-construction bet
It has entered the specialised world of data-centre building - shell, core and MEPF works - with two projects under execution in Mumbai, applying its construction skills to a sector where demand is growing fast.
- Built by hiring expertise - the company recruited experienced engineers and studied data-centre sites globally before starting foundation work on its first two buildings, rather than learning on the job.
- MEPF is the differentiator - data centres are less about civil structure and more about mechanical, electrical, plumbing and fire systems, so the company is leveraging its in-house MEPF capabilities to deliver a finished, commissioned facility.
6. Hydro, dams, tunnels and irrigation: the mountain-builder
It constructs dams, pressure shafts, power houses and tunnels through rock - a niche where its nine twin-boom jumbo drills and experience with NATM and DBM tunnelling methods set it apart.
- Over 15 dams and counting - the company has completed more than 15 dams, barrages and pressure shafts, plus railway tunnels in West Bengal and Sikkim.
- A pumped-storage win - in November 2023 it secured a Rs 1,001 crore contract for civil and hydro-mechanical works on a 500 MW pumped-storage project in Andhra Pradesh, a type of renewable-energy-enabling infrastructure.
- Drilling fleet as a qualification ticket - 9 twin-boom jumbo drills allow it to bid for hard-rock tunnelling jobs that require mechanised drill-and-blast capability.
7. Foundation and specialist engineering: the ground-fixer
It stabilises slopes, builds diaphragm walls and densifies soil - over 250 projects of specialist ground engineering, often as the first contractor to bring a technique to India.
- First at 20 metres - on one project it used compaction grouting to densify ground to almost 20 metres depth, a technique never before used commercially at that scale by an Indian contractor, with all machinery sourced domestically.
- First deep soil-cement mixing - on another job it excavated soil to 17 metres, dried it, mixed it with 5% cement in modified wet-mix plants, and placed it back in compacted layers - an entirely homegrown adaptation of a method new to India.
- A subcontractor to the main business - the segment often works as a specialist subcontractor on larger infrastructure projects, feeding its expertise into the company’s own EPC jobs as well as third-party work.
8. Water and wastewater: the micro-tunneller
It lays sewerage trunk mains and builds water-treatment plants, using micro tunnel boring machines to dig beneath cities without tearing up the streets.
- Micro-tunnelling under Ahmedabad - the company executed sewerage trunk-main works by micro-tunnelling for the Ahmedabad Municipal Corporation, a method that minimises surface disruption in dense urban areas.
- A small but complementary fleet - 3 micro TBMs serve both this segment and the urban-infra business, so the equipment cost is shared across verticals.
Group structure and partners
The company is now part of the Adani Group ecosystem, with a reconstituted board, a renamed subsidiary and a new joint venture in water infrastructure - but it remains a publicly listed EPC contractor with an A+ credit rating.
- The Adani acquisition - in October 2024, Renew Exim DMCC (an Adani Group entity) bought 46.64% of the voting share capital from the previous Thai promoter ITD for INR 400 per share, and launched a mandatory open offer that could take its holding to 72.64%.
- Name change, same business - the company was renamed Cemindia Projects Limited in September 2025, reflecting the change in management and control, not a new business activity.
- A wholly owned subsidiary - Ceminfra Construction Limited (formerly ITD Cementation Projects India Limited) sits under the parent, though it had no business operations during FY22.
- A new water joint venture - in November 2025, Cemindia took a 26% stake in Morsagar Bisalpur Water Limited alongside Adani Enterprises (74%), a company formed to develop a hybrid-annuity water-reservoir and feeder project in Rajasthan.
- Credit upgrade - both CARE and ICRA upgraded the company’s rating to A+ (Stable) as of March 2026, reflecting the strengthened parentage and financial position.