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

India's cement sector is witnessing renewed interest in mergers and acquisitions, with Ambuja Cements announcing plans to acquire a 47% stake in Orient Cement for $451 million.

This deal marks the latest in a series of major transactions in the industry, driven by intense competition between Gautam Adani's conglomerate and UltraTech Cement, as both companies aim to capitalize on anticipated infrastructure spending.

Read More: Ambuja to acquire Orient Cement at equity value of Rs 8,100 crore; to make open offer to acquire additional 26% stake


Here’s a timeline of key deals in the sector since Adani entered in 2022:

Adani Group-Holcim AG, May 2022:
Adani made a bold entry by acquiring Ambuja Cements and ACC from Swiss giant Holcim for $10.5 billion. It remains the largest cement deal in India.

Dalmia Bharat-Jaiprakash Associates, Dec 2022:
Dalmia Bharat expanded in central India by acquiring assets from Jaiprakash Associates for $687 million.

Sagar Cements-Andhra Cements, Feb 2023:
Sagar Cements' $9.2 billion bid to take over Andhra Cements was approved by a tribunal.

Ambuja Cements-Sanghi Industries, Aug 2023:
Adani’s first major deal post-Hindenburg report was an $295 million acquisition of an 83% stake in Sanghi Industries.

UltraTech Cement-Kesoram Industries, Nov 2023:
UltraTech bolstered its southern India presence by acquiring Kesoram Industries' cement assets for $645 million.

Ambuja Cements-Penna Cement Industries, June 2024:
Ambuja took over Penna Cement for $1.25 billion, potentially making it a top-three player in southern India.

UltraTech Cement-India Cements, July 2024:
UltraTech expanded further with a $472 million deal for control of India Cements, following an earlier stake purchase of 23% for $228 million.

(With inputs from Reuters)