Dalmia Bharat Ltd is set to enhance its presence in central India by acquiring cement assets formerly owned by Jaiprakash Associates (JAL) from the Adani Group for ₹28.5 billion (around $333 million). This move will boost Dalmia Bharat’s cement capacity by 5.2 million tons per annum (Mta).
The deal will be carried out through Dalmia Cement (Bharat) Ltd, a wholly-owned subsidiary. It includes several plants located in Madhya Pradesh and Uttar Pradesh, specifically in Rewa, Churk, Chunar, and Sadwa. Additionally, the acquisition also brings in 99 megawatts of thermal power capacity, plus railway sidings at Rewa and Chunar.
Dalmia Bharat expects to finalize the acquisition within two weeks. The assets, previously part of the bankrupt Jaiprakash Associates, were acquired by the Adani Group in 2025 under an insolvency process approved by India’s National Company Law Tribunal.
Once the deal closes, Dalmia Bharat’s total cement capacity will rise from 49.5 Mta to 54.7 Mta. Including ongoing projects in Belgaum, Pune, and Kadapa, the company estimates its total capacity could reach 66.7 Mta by December 2027.
Puneet Dalmia, the managing director and CEO, views this acquisition as a “strategic fit.” Analysts have noted that the acquisition price is quite appealing when compared to other transactions in the Indian cement sector, valuing the assets at about $67 per ton of installed capacity.
This acquisition reflects a growing trend in the cement industry, where companies are actively looking to expand their footprints amidst India’s increasing infrastructure demands. A recent report found that the Indian cement market is expected to grow by 5-6% annually, driven by government initiatives and urbanization.
This strategic move by Dalmia Bharat showcases how companies are positioning themselves to meet future demands. By enhancing their capabilities and assets, they aim not only to maintain but also to grow their market share in a competitive landscape.
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