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,

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

Limited, Adani Group's PMC arm, has today signed definitive agreements to acquire up to 30.07% stake from PSP Project Limited's existing promoter - Mr. Prahladbhai S. Patel.

Prahaladbhai S Patel, one of the promoters of PSP Projects, is the seller who entered into a share purchase agreement with Adani Infra (India) Limited by selling 1.19 crore equity shares of the company, representing up to 30.07% of the paid-up equity share capital of the PSP Projects.

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.

Adani Infra to acquire 30.07% stake in PSP Projects for ₹685 crore, aiming to boost infrastructure development in India.

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.

Adani Infra, owned by a unit of Indian billionaire Gautam Adani's flagship Adani Enterprises, will purchase the shares from Prahladbhai S Patel, who leads PSP Projects and is its top shareholder

Adani operates airports, ports, roads and more, besides running a real estate company, Adani Realty, which is redeveloping Dharavi in Mumbai.

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.