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

FILE PHOTO: A worker pushes a wheelbarrow to collect cement at a construction site of a residential building in Mumbai·Reuters
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(Reuters) - Dealmaking in India's cement sector is in the spotlight again, after a report said Adani Group is in talks to buy the local operations of Germany's Heidelberg Materials in a deal that could be worth about $1.2 billion.

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)