Adani Group plans multi-billion dollar cement deal with Heidelberg Materials

The Adani Group, an Indian conglomerate led by billionaire Gautam Adani, is in negotiations to purchase the Indian cement operations of Heidelberg Materials. According to a report by the Economic Times, the deal could be valued at approximately 1.2 billion US dollars. The Adani Group entered the Indian cement market only in 2022 when it acquired the local units of Holcim. Since then, the company has undertaken a series of acquisitions to compete with the largest cement manufacturer in the country, UltraTech Cement, and to gain market share. Neither the Adani Group nor Heidelberg Materials immediately responded to Reuters' requests for comment on these potential negotiations.