Oct 07, 2024 11:00 AM IST
In a $1.2 billion deal, Adani Group plans to acquire Heidelberg Materials’ Indian cement operations, after recent acquisitions.
Adani Group is in talks to purchase Germany’s Heidelberg Materials’ Indian cement operations, The Economic Times reported. The estimated value of the deal is $1.2 billion. and this acquisition is part of Gautam Adani-led conglomerate’s ongoing expansion in the cement sector.
The company entered the industry in 2022 by acquiring Holcim’s stake in Ambuja Cement following which Adani Group also acquired Sanghi Industries and Hyderabad-based Penna Cement Industries.
Earlier, it was reported that Adani Group was also in talks to acquire Gujarat’s Saurashtra Cement, Jaiprakash Associates’ cement business and Vadraj Cement, owned by ABG Shipyard.
Germany-based Heidelberg entered India in 2006 and operates four plants with a total capacity of 12.6 million tonnes per annum presentely. The company sells cement under two brands Mycem and Zuari.