New Delhi, Oct 7 (PTI) Shares of HeidelbergCement India surged 18 per cent in intra-day trade on Monday amid reports that the Adani Group is in talks to acquire Indian operations of Germany’s Heidelberg Materials.
The proposed buyout of Heidelberg’s India unit will be led by billionaire Gautam Adani-led Ambuja Cements and could be worth around USD 1.2 billion (about Rs 10,000 crore), the reports said.
The stock rallied 17.95 per cent to hit its 52-week high of Rs 257.85 apiece on the BSE.
At the National Stock Exchange (NSE), it soared 17.93 per cent to Rs 258 per piece — its 52-week high.
Also, the company’s market valuation jumped Rs 889.45 crore to Rs 5,843.21 crore on the BSE.
However, the stock of Ambuja Cements declined 2.21 per cent to trade at Rs 597.20 apiece on the NSE.
On the BSE, shares of the company fell 1.97 per cent to Rs 597.95 per share.
The 30-share BSE declined 352.69 points, or 0.43 per cent, to trade at 81,335.76 while NSE Nifty went down 103.60 points, or 0.41 per cent, at 24,911.
HeidelbergCement AG entered India in 2006 with the acquisition of erstwhile Mysore Cement, Cochin Cement, and a JV with Indorama Cement.
After the restructuring and expansion, its installed capacity increased to 5.5 million tonnes.
Following the acquisition of Italcementi in 2016, the group has more than doubled its presence in India.
According to HeidelbergCement’s website, the company has four integrated cement plants, four grinding units and a terminal. Its installed capacity stands around 14 million tonnes. The company has presence in 12 states and sells cement under two brands — Mycem and Zuari.
The acquisition is part of the Adani Group’s ongoing expansion in the cement sector. It entered the industry in 2022 by acquiring Holcim’s stake in Ambuja Cements. PTI HG TRB
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