Adani Group in talks to buy Heidelberg's Indian cement operations, ET reports

Heidelbergcement India

07/10/2024 03:37

BENGALURU, Oct 7 (Reuters) - The Adani Group is in talks
to buy the Indian cement operations of Germany's Heidelberg
Materials  HEIG.DE  in a deal that could be worth about $1.2
billion, the Economic Times reported on Monday, citing people
familiar with the matter.
    Adani Group, led by billionaire Gautam Adani, entered
India's cement sector in 2022 by buying Holcim's  HOLN.S  local
units and has made a string of acquisitions since then as it
jostles with top cement producer UltraTech Cement  ULTC.NS  for
market share.
    Adani Group and Heidelberg did not immediately respond to
Reuters' requests for comment.

 (Reporting by Chris Thomas in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((chris.thomas@thomsonreuters.com;))