Timeline: Major deals in India's cement sector since Adani Group's entry in 2022

ACC

22/10/2024 08:04

(Updates paragraph 1 with Ambuja-Orient deal)
       Oct 22 (Reuters) - Dealmaking in India's cement sector
is in the spotlight again, after Ambuja Cements  ABUJ.NS  said
on Tuesday it will buy a near-47% stake in smaller rival Orient
Cement  ORCE.NS  for $451 million.
    Billionaire Gautam Adani's conglomerate is locked in a
fierce battle with UltraTech Cement  ULTC.NS  as the rivals snap
up smaller firms in a bid to capitalise on expectations of heavy
government spending on infrastructure.
    Here is a timeline of some of the major deals announced in
the sector since Adani's foray in 2022:
    
    ADANI GROUP-HOLCIM AG, MAY 2022: 
    Adani Group entered the Indian cement sector by buying
Ambuja Cements and ACC  ACC.NS  from Swiss construction material
giant Holcim  HOLN.S  for $10.5 billion.
    The deal remains the country's biggest in the cement sector.

    DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022: 
    Dalmia Bharat  DALB.NS  bought cement and other assets of
Jaiprakash Associates  JAIA.NS  for $687 million to strengthen
its presence in India's central region.

    SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023: 
    A company tribunal approved Sagar Cements'  SGRC.NS  $9.20
billion bid to take over Jaypee Group-owned Andhra Cements
 ANDC.NS . 

    AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023: 
    Ambuja Cements bought a 83% stake in debt-laden Sanghi
Industries  SNGI.NS  for $295 million in August 2023 - Adani
Group's first major deal after U.S. short seller Hindenburg's
report in January of the year. 

    ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023: 
    UltraTech bought cement assets of Kesoram Industries
 KSRM.NS  in a $645 million deal to boost its hold in the
country's southern region.

    AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024: 
  
    Ambuja bought out Penna Cement Industries  PENC.NS  in a
$1.25 billion deal. The deal likely lifted Ambuja to among the
top three players in south India, analysts have estimated.

    ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024: 
    UltraTech inked a deal worth $472 million to gain control of
India Cements  ICMN.NS , after initially buying a 23% stake for
$228 million.

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H
K)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))