Dalmia Bharat Ltd has agreed to acquire former Jaiprakash Associates (JAL) cement assets from the Adani Group for INR28.5bn (US$333m), strengthening its position in central India and increasing installed cement capacity by 5.2Mta.
The acquisition will be completed through wholly-owned subsidiary Dalmia Cement (Bharat) Ltd and includes cement plants at Rewa in Madhya Pradesh and Churk, Chunar and Sadwa in Uttar Pradesh. The transaction also includes 99MW of thermal power capacity and railway sidings at Rewa and Chunar.
Dalmia Bharat said the deal is expected to close within two weeks.
The assets were previously part of bankrupt Jaiprakash Associates, which was acquired by the Adani Group in 2025 under an insolvency resolution process approved by India’s National Company Law Tribunal.
Following completion, Dalmia Bharat’s cement capacity will increase to 54.7Mta from 49.5Mta. Including ongoing expansion projects at Belgaum, Pune and Kadapa, the producer said it expects total capacity to reach 66.7Mta by December 2027.
Managing director and CEO Puneet Dalmia described the acquisition as a “strategic fit” that would strengthen the company’s position in high-growth central Indian markets.
According to local media reports, analysts described the acquisition price as attractive relative to recent Indian cement sector transactions, valuing the assets at approximately US$67/t of installed capacity.
