Billionaire battle heats up as Adani challenges Birla in cement space

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Billionaire battle heats up as Adani challenges Birla in cement space - Business Standard

Quick Summary:

In June, it bought a minority stake in a Chennai-based cement maker in June before ramping it up to majority control this week — a move seen as marking its territory to fend off Adani.

Adani Group’s big bang entry in 2022 upended the local pecking order — it became No.2 cement maker overnight with the acquisition of Ambuja Cements Ltd.and ACC Ltd.— but it spent much of 2023 fire-fighting after Hindenburg Research’s scathing report.

The group is scouting for more cement assets to expand its reach, procure key raw material — limestone reserves — and has a war chest of about $4.5 billion for acquisitions over the next two years, according to people familiar with the discussions who spoke on the condition of anonymity.