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The Adani Group is in talks to acquire HeidelbergCement India's cement operations, which could be worth around $1.2 billion (Rs 10,000 crore). This move is part of the Adani Group's strategy to expand its presence in the Indian cement industry.
The proposed buyout will be led by Adani Group company Ambuja Cements. This acquisition aims to boost Ambuja's production capacity significantly.
HeidelbergCement India has a market capitalization of about Rs 4,957 crore and is 69.39% owned by its parent company. The company operates in India through listed HeidelbergCement India and unlisted Zuari Cement.
The acquisition of HeidelbergCement India's production capacity (14 million tonnes) and Zuari Cement's production capacity (7 million tonnes) will significantly boost Ambuja Cements' overall production capacity. This could help Ambuja achieve its target of 140 million tonnes by 2028.
As of June 30, 2024, Ambuja Cements had total cash reserves amounting to Rs 18,299 crore. This substantial cash reserve position will help facilitate the acquisition process.
The Adani Group has been aggressively expanding its presence in the Indian cement industry. This acquisition follows their previous purchase of Holcim's India operations in 2022, making them one of the largest players in the sector.
The acquisition process might become complex if other competitors like UltraTech Cement or JSW Cement enter the fray. In such a scenario, the Adani Group might back out of the deal.