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

Heidelbergcement India

07/10/2024 09:43

Oct 7 (Reuters) - Dealmaking in India's cement sector is
in the spotlight again, after a report said Adani Group is in
talks to buy the local operations of Germany's Heidelberg
Materials  HEIG.DE  in a deal that could be worth about $1.2
billion.
    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  ABUJ.NS  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;))