(Reuters) – UltraTech Cement, India’s top cement producer by capacity, is in advanced talks with German firm Heidelberg to acquire its local business, Moneycontrol reported on Monday, citing people familiar with the matter.
Executives from the Aditya Birla Group, UltraTech’s parent, met Heidelberg management to discuss the acquisition of HeidelbergCement India, the report said citing sources.
The report did not specify the value of the deal. UltraTech, HeidelbergIndia and Heidelberg did not immediately respond to Reuters’ requests for comment.
Ultratech is locked in a fierce battle with billionaire Gautam Adani’s conglomerate, as the rivals snap up smaller firms in a bid to capitalise on expectations of heavy government spending on infrastructure.
Most recently, the Adani Group’s Ambuja Cement bought a nearly 47% stake in rival Orient Cement for $451 million.
HeidelbergCement India’s shares climbed 8% following the report, while UltraTech’s shares rose 0.5%.
The German parent owns a 69.4% stake in its Indian arm, exchange data showed.
(Reporting by Chris Thomas and Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.