(Reuters) -Dealmaking in India’s cement sector is in the spotlight again, after Ambuja Cements said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement for $451 million.
Billionaire Gautam Adani’s conglomerate is locked in a fierce battle with UltraTech Cement 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 [PENC.NS] 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.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)
