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Consolidating Indian Cement Industry
Cement businesses in India have been in a frenzy of mergers and acquisitions after the Adani group’s aggressive buyout of Ambuja Cement and ACC Ltd in 2022. Since then, other top cement companies have been trying to buy out or tie up with smaller players to gain a better position in the market. As of now, UltraTech Cement leads the pack in terms of sales volume and capacity, followed by Ambuja Cement, Shree Cement, and Dalmia Bharat.
In 2024, UltraTech Cement acquired a 55.49% stake in Chennai-based India Cements, starting with a 22.7% stake in June, followed by an additional 32.72% stake in July. UltraTech later launched an open offer to acquire an additional 26% stake from public shareholders. Moreover, the company has also acquired an 8.69% stake in Star Cement for Rs 851 crore on December 27, marking another strategic expansion in the sector.
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