 "Gautam Adan")
Adani Group aims to capture 20 per cent of the Indian cement market by the financial year 2028.(Image: Bloomberg)
This potential acquisition is part of Adani Group’s ongoing expansion in the cement sector. The company entered the industry in 2022 by acquiring Holcim’s stake in Ambuja Cement.
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In a bid to compete with top cement producer UltraTech Cement of the Aditya Birla Group, Adani Group has made a string of acquisitions in the sector, including Ambuja Cements, Sanghi Industries, and Hyderabad-based Penna Cement Industries.
In June, reports indicated that Adani was also in talks to acquire Gujarat’s Saurashtra Cement, Jaiprakash Associates’ cement business, and Vadraj Cement, owned by ABG Shipyard.
Adani plans to capture 20 per cent of the cement market by FY28
The group aims to capture 20 per cent of the Indian cement market by the financial year 2028. Neither Adani Group nor Heidelberg Materials has commented on the report yet.
Through its acquisition of Ambuja Cement in September 2022, Adani Group became the second largest cement producer in India. This landmark deal, valued at $6.5 billion, was reportedly the largest in India’s infrastructure and materials space.
Germany-based Heidelberg entered India in 2006 and currently operates four plants with a total capacity of 12.6 million tonnes per annum. The company sells cement under two brands, Mycem and Zuari. Heidelberg Cement India’s profit fell for the first time in five quarters during the three months to June, owing to lower sales volume and price cuts.
(With inputs from Reuters)
First Published: Oct 07 2024 | 9:58 AM IST
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