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

Dealmaking in India's cement sector is in the spotlight again, after UltraTech Cement, the country's top cement maker, said on Friday it will buy an 8.7% stake in smaller rival Star Cement for $100 million.

Ultratech is locked in a fierce battle with billionaire Gautam Adani's conglomerate, 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.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022:

Dalmia Bharat bought cement and other assets of Jaiprakash Associates for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023:

A company tribunal approved Sagar Cements' $9.20 billion bid to take over Jaypee Group-owned Andhra Cements .

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023:

Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries 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 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 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, after initially buying a 23% stake for $228 million.

AMBUJA CEMENT-ORIENT CEMENT, OCT. 2024

Ambuja Cements, India's No.2 cement maker, approved buying a nearly 47% stake in rival Orient Cement for $451 million, but analysts raised doubts about the deal winning regulatory approval.

ULTRATECH CEMENT-STAR CEMENT, NOV. 2024

India's UltraTech Cement approved purchase of an 8.69% stake in Star Cement, it said on Friday, in a deal that could be valued at up to 8.51 billion rupees ($100 million) and firm its leading position in the sector.