Adani Group office.
Credit: Reuters File Photo
Dealmaking in India's cement sector is in the spotlight again, after Ambuja Cements said on Tuesday it will buy a near-47 per cent stake in smaller rival Orient Cement for $451 million (approx. Rs 3,792. 20 crore).
Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement 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 from Swiss construction material giant Holcim for $10.5 billion (roughly Rs 88,285.81 crore).
The deal remains the country's biggest in the cement sector.
Dalmia Bharat-Jaiprakash Associates, December 2022:
Dalmia Bharat bought cement and other assets of Jaiprakash Associates for $687 million (around Rs 5,776. 41 crore) to strengthen its presence in India's central region.
Sagar Cements-Andhra Cements, February 2023:
A company tribunal approved Sagar Cements' $9.20 billion (approx. Rs 77, 355.19 crore) bid to take over Jaypee Group-owned Andhra Cements .
Ambuja Cements-Sanghi Industries, August 2023:
Ambuja Cements bought a 83 per cent stake in debt-laden Sanghi Industries for $295 million (around Rs 2,480. 41 crore) in August 2023 - Adani Group's first major deal after US short seller Hindenburg's report in January of the year.
Ultratech Cement-Kesoram Industries, November 2023:
UltraTech bought cement assets of Kesoram Industries in a $645 million (approx. Rs 5,423.27 crore) deal to boost its hold in the country's southern region.
Ambuja Cements-Penna Cement Industries, June 2024:
Ambuja bought out Penna Cement Industries in a $1.25 billion (roughly Rs 10,510.21 crore) 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 (approx. Rs 3,968.65 crore) to gain control of India Cements, after initially buying a 23 per cent stake for $228 million (around Rs 1,917.06 crore).