HeidelbergCement shares zoom 18%, hit 52-week high on reports Adani Group likely to acquire firm 

UltraTech and IPO-bound JSW Cement were also in the race for HeidelbergCement India, The Hindu BusinessLine had reported last year.

Heidelberg Materials entered India in 2006 with a series of domestic acquisitions and currently has four plants with an annual capacity of 12.6 million tonnes, according to its website.

In July, UltraTech Cement announced the acquisition of India Cements, thus bolstering its position in the southern market.

The company, through its exchange filing, announced that the board of the Aditya Birla Group firm has approved the proposal to acquire the promoters' 32.72% stake in India Cements at ₹390 per share. The deal size is ₹3,954 crore.

India is the second-largest producer of cement in the world. It accounts for more than 8% of the global installed capacity, according to a report by the India Brand Equity Foundation.

Strong expansion of the industrial sector, which has fully recovered from the COVID-19 pandemic shock, is one of the main demand drivers for the cement industry. As a result, there is a strong potential for an increase in the long-term demand for the cement industry. Some of the recent initiatives, such as the development of 98 smart cities, are expected to significantly boost the sector, the report adds.