ACC

Changes date; Adds Adani Green's response in paragraph 6, updates stock moves in paragraph 9

May 5 (Reuters) - Representatives for Indian billionaire Gautam Adani met officials from U.S. President Donald Trump's administration to seek dismissal of criminal charges in an overseas bribery probe, with a resolution possible in a month, Bloomberg News reported.

In November, U.S. authorities indicted Adani and his nephew, Sagar Adani, alleging they paid bribes to secure power supply contracts, and misled U.S. investors during fund raises there.

The U.S. financial regulator summoned the duo, alleging they misled investors on compliance during a $750 million Adani Green ADNA.NS bond sale in the United States.

The billionaire's aides are trying to make the case that his prosecution does not align with Trump's priorities and should be reconsidered, Bloomberg News reported on Sunday, citing sources familiar with the matter.

The discussions began earlier this year and have picked up in recent weeks, with a resolution possible within a month if the momentum continues, the report said.

Adani Green, in a statement on Monday, reiterated it was not part of any proceedings, but it did not directly comment on the report about the meetings. It had recently said its review of the indictment found no non-compliance or irregularities.

The Justice Department and White House declined comment to Bloomberg on the report and did not respond to Reuters for comment outside business hours.

Adani Enterprises, the group's flagship firm, also did not respond to a request for comment. The group has previously denied any wrongdoing.

Shares of Adani Group's nine Indian listed companies rose between 1.7% and 10.5% on Monday, amid a 0.6% increase in the broader market.

The indictment has erased about $13 billion in market value from Adani Group's nine listed firms.

(Reporting by Bipasha Dey, Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

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April 24 (Reuters) - ACC Ltd ACC.NS:

• BOARD RECOMMENDS DIVIDEND OF 7.50 RUPEES PER EQUITY SHARE

• ACC LTD MARCH-QUARTER PAT 7.35 BILLION RUPEES

• ACC LTD MARCH-QUARTER REVENUE FROM OPERATIONS 59.49 BILLION RUPEES

Source text: ID:nBSE2skPyz

Further company coverage: ACC.NS

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March 28 (Reuters) - India's Ambuja Cements ABUJ.NS has re-designated CEO Ajay Kapur as the managing director and named Vinod Bahety as its new chief, the Adani Group company said on Friday, effective April 1.

Kapur, who has spent three decades working in the cement, construction, power and heavy metals sectors, has been appointed for a two-year term while Bahety will serve as CEO for three years.

Bahety has been the finance chief for Ambuja and ACC ACC.NS, both subsidiaries of billionaire Gautam Adani's conglomerate, since September 2022.

The rejig comes as consolidation in India's cement sector intensifies, with Ambuja Cements charting an acquisition spree to rival the Aditya Birla Group-owned UltraTech Cement ULTC.NS. The two companies have jostled for market share amid expectations the government will continue to spend heavily on infrastructure.

(Reporting by Ashish Chandra in Bengaluru; Editing by Janane Venkatraman)

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March 5 (Reuters) - ACC Ltd ACC.NS:

• ACC LTD - KARNATAKA TAX ORDER LEVIES PENALTY OF 67.8 MILLION RUPEES

• ACC LTD - CHHATTISGARH TAX ORDER LEVIES PENALTY OF 12.7 MILLION RUPEES

Source text: ID:nBSE8V661Q

Further company coverage: ACC.NS

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March 3 (Reuters) - Kaushalya Logistics Ltd KAUH.NS:

• COMMENCES OPERATIONS AT DARBHANGA DEPOT FOR ACC AND AMBUJA CEMENT

Source text: ID:nNSE9CFgmG

Further company coverage: KAUH.NS

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Adds production start date for eDCTs in paragraph 8, union comment in paragraphs 10-11

MILAN, Feb 17 (Reuters) - Stellantis STLAM.MI said on Monday it would make dual-clutch transmissions for hybrid vehicles at its Termoli plant in Southern Italy, which its joint venture ACC has earmarked for the creation of an electric vehicle battery-making hub.

The Termoli plant, which currently makes engines, is one of three sites in Europe where Stellantis-led ACC has announced plans to create EV battery-making gigafactories.

While a gigafactory in France has already started operations, plans for two similar facilities in Italy and Germany were officially paused last year, as ACC was switching to lower cost batteries amid slowing demand for EVs.

A spokesperson for ACC - which also has Mercedes MBGn.DE and TotalEnergies TTEF.PA as shareholders - said on Monday the JV was still assessing its investment plans for Italy and Germany with an aim to take a decision within this year, but not before June.

Stellantis' announcement on Termoli does not change the ongoing situation, the spokesperson added.

Earlier this month the CEO of TotalEnergies, which owns a 25% stake in ACC, said the JV should focus its efforts just on the French plant, signaling the plans for the Italian and German gigafactories could be eventually scrapped.

Stellantis said in a statement on Monday it will produce electrified dual clutch transmissions (eDCT), a key component for hybrid vehicles, in Termoli starting from 2026, to help expand its hybrid product line.

It made no reference to ACC's plans for the plant.

"With a target of three hundred thousand units per year, Termoli becomes Stellantis' third production hub for this sophisticated transmission," the company said.

The automaker already makes eDCTs in Mirafiori, Italy, and Metz, France.

Italy's major metalworker unions welcomed the announcement on Monday, saying eDCT production would provide employment for around 300 of the total 1,800 staff at the Termoli plant.

Gianluca Ficco of UILM union said long-term decisions were now needed for the future of the plant, including on the gigafactory plan.

Stellantis also said on Monday it would increase production levels for key components needed to support increased eDCT output at its plants in Sint Truiden, Belgium, and in Metz.

It added it would also install a new assembly line for the components in Metz.

Stellantis, the world's fourth largest carmaker, currently has a separate plan with Chinese battery maker CATL 300750.SZ to build a 4.1 billion euro ($4.3 billion) gigafactory in Spain.

($1 = 0.9537 euros)

(Reporting by Giulio Piovaccari; Editing by Cristina Carlevaro, Valentina Za and Jan Harvey)

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Feb 12 (Reuters) - Jupiter Wagons Ltd JUWL.NS:

• BAGS 6 BILLION RUPEES ORDER FROM AMBUJA CEMENT AND ACC

Source text: ID:nBSEgv341

Further company coverage: JUWL.NS

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By Hritam Mukherjee

Feb 1 (Reuters) - Indian cement companies' shares fell in a special trading session on Saturday after the government announced a 'modest' spending hike for infrastructure projects in the annual budget , which failed to impress investors.

UltraTech Cement's ULTC.NS shares dropped 2.7%, while those of rival Adani Group's cement firms Ambuja ABUJ.NS and ACC ACC.NS slumped 4.5% and 2.3% respectively.

Other big cement firms - Shree SHCM.NS and Dalmia Bharat DALB.NS - declined 3% and 2% respectively.

The Indian government said it will spend a record 11.21 trillion rupees ($129.54 billion) on infrastructure in the upcoming financial year that begins on April 1, but the increase in planned spending disappointed markets.

"The capex outlay for fiscal year 2026.. looks modest compared to raises made in FY25 and FY24 budget, and misses market expectations slightly," said Amit Anwani, research analyst at Prabhudas Lilladher.

Cement, a key construction material, is a direct beneficiary of government's capital spending. India's infrastructure index .NIFTYINFR reversed gains following the budget announcement, and was last down 1.5%.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

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Jan 27 (Reuters) - ACC Ltd ACC.NS:

• DEC-QUARTER PAT 10.89 BILLION RUPEES

• DEC-QUARTER REVENUE FROM OPERATIONS 51.76 BILLION RUPEES

Further company coverage: ACC.NS

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Jan 22 (Reuters) - ACC Ltd ACC.NS:

• BEGINS OPERATIONS AT SAHARSA DEPOT FOR ACC

Further company coverage: ACC.NS

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Updates paragraph 1 and 2 with UltraTech-Star Cement deal

Dec 27 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after UltraTech Cement ULTC.NS, the country's top cement maker, said on Friday it will buy an 8.7% stake in smaller rival Star Cement STAT.NS for $100 million.

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.

Here is a timeline of some of the major deals announced in the sector since Adani's foray in 2022:

ADANI GROUP-HOLCIM AG, MAY 2022:

Adani Group entered the Indian cement sector by buying Ambuja Cements and ACC ACC.NS from Swiss construction material giant Holcim HOLN.S for $10.5 billion.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022:

Dalmia Bharat DALB.NS bought cement and other assets of Jaiprakash Associates JAIA.NS for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023:

A company tribunal approved Sagar Cements' SGRC.NS $9.20 billion bid to take over Jaypee Group-owned Andhra Cements ANDC.NS.

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023:

Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries SNGI.NS for $295 million in August 2023 - Adani Group's first major deal after U.S. short seller Hindenburg's report in January of the year.

ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023:

UltraTech bought cement assets of Kesoram Industries KSRM.NS in a $645 million deal to boost its hold in the country's southern region.

AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024:

Ambuja bought out Penna Cement Industries PENC.NS in a $1.25 billion deal. The deal likely lifted Ambuja to among the top three players in south India, analysts have estimated.

ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024:

UltraTech inked a deal worth $472 million to gain control of India Cements ICMN.NS, after initially buying a 23% stake for $228 million.

AMBUJA CEMENT-ORIENT CEMENT, OCT. 2024

Ambuja Cements, India's No.2 cement maker, approved buying a nearly 47% stake in rival Orient Cement <ORCE.NS> for $451 million, but analysts raised doubts about the deal winning regulatory approval.

ULTRATECH CEMENT-STAR CEMENT, NOV. 2024

India's UltraTech Cement approved purchase of an 8.69% stake in Star Cement, it said on Friday, in a deal that could be valued at up to 8.51 billion rupees ($100 million) and firm its leading position in the sector.

(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Varun H K and Janane Venkatraman)

(([email protected]; X: @MukherjeeHritam;))

Dec 9 (Reuters) - Adani Enterprises Ltd ADEL.NS:

• ADANI PORTS MD KARAN ADANI: ADANI GROUP PLANS TO INVEST 7.5 TRLN RUPEES ACROSS SECTORS IN RAJASTHAN

• ADANI PORTS MD KARAN ADANI: OVER 50% OF 7.5 TRLN RUPEES WILL BE INVESTED IN RAJASTHAN OVER NEXT 5 YRS

• ADANI PORTS MD KARAN ADANI: TO BUILD GREEN ENERGY ECOSYSTEM INVOLVING 100 GW OF CLEAN ENERGY IN RAJASTHAN

• ADANI PORTS MD KARAN ADANI: TO SET UP 4 NEW CEMENT PLANTS IN RAJASTHAN

Source text: [ID:]

Further company coverage: ADEL.NS

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Dec 3 (Reuters) - Several entities linked to the Adani Group have approached the India markets regulator to seek a settlement in a case that accuses them of violating public shareholding regulations through improper practices at four of the conglomerate's listed companies, the Economic Times reported on Tuesday.

Adani Group did not immediately respond to Reuters inquiry, seeking comments.

(Reporting by Anuran Sadhu in Bengaluru; Editing by Savio D'Souza)

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Adds quotes, background

NEW DELHI, Nov 28 (Reuters) - Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

U.S. authorities have accused Gautam Adani, his nephew Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian solar power supply contracts, and misleading U.S. investors during fund raises there.

"We want a discussion on this in parliament. It is going to be the third day that we are demanding a reply from the prime minister" on the Adani issue, Manickam Tagore, a lawmaker from the main opposition Congress party, which has been leading the protests against the business group, told news agency ANI.

Many of India's opposition parties accuse Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP) of favouring Adani and blocking investigations against him in India, accusations both have denied.

Congress leader Rahul Gandhi, who has been a vocal critic of Adani, said Gautam Adani, 62, should be arrested.

While the government has not made any comment on the indictment, Modi's BJP has said it had no reason to defend Adani, adding that the party was not against industrialists and considered them partners in nation-building efforts.

"Let him defend himself," BJP spokesperson Gopal Krishna Agarwal said on Tuesday, adding that the law would take its course.

(Reporting by Shilpa Jamkhandikar; Editing by YP Rajesh)

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Corrects paragraph 17 to remove language suggesting that Gautam Adani faces a criminal charge of foreign bribery, independent of the three criminal charges he faces

BENGALURU, Nov 27 (Reuters) - Indian billionaire Gautam Adani's indictment by U.S. authorities for his alleged role in a $265 million bribery scheme has sent shockwaves through his eponymous ports-to-soybeans conglomerate. The Adani Group denies the allegations.

Here is what you need to know.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after he was charged along with seven others over alleged bribery related to power supply deals in India, in what U.S. authorities called "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

Meanwhile, Indian Prime Minister Narendra Modi's party has distanced itself from the billionaire amid opposition calls for a probe and allegations that Modi is shielding Adani, charges his ruling party deny.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who is alleged to have kept track of hundreds of millions of dollars paid to Indian officials in what U.S. authorities described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with authorities alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure, further exacerbated by credit ratings agencies including Fitch and Moody's cutting their outlook for several of the listed companies owned by the conglomerate.

The indictment has had other ramifications across the globe, including some bankers considering pausing fresh lending to the group and oil major TotalEnergies halting any further investments into Adani Group.

Kenya has ordered the cancellation of Adani infrastructure deals worth more than $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance.

In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani, while in India, a key southern state which figured in the indictment charges, Andhra Pradesh, is considering suspending a power purchase deal with Adani.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what next for Gautam Adani? He is charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, although he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, although any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul, Toby Chopra and Alexander Smith)

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Ambuja Cements Ltd ABUJ.NS:

• SRI LANKA'S FINANCE MINISTRY AND FOREIGN MINISTRY STUDYING ADANI ALLEGATIONS - CABINET SPOKESPERSON

• SRI LANKA TAKING CONCERNS SERIOUSLY, WILL CONSIDER ALL ASPECTS OF ADANI PROJECTS BUT NO FINAL DECISION MADE YET - CABINET SPOKESPERSON

Source text: [ID:]

Further company coverage: ABUJ.NS

Updates with moves by Bangladesh and US government bodies, CFO statement

BENGALURU, Nov 25 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous ports-to-soybeans business conglomerate.

Here is what you need to know about the U.S. indictment.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".

Adani Group, which runs several key infrastructure projects across the globe, says the allegations are baseless and has vowed to seek "all possible legal recourse".

The group's CFO has said the indictment is linked to one Adani Green Energy contract that makes up some 10% of the unit's business.

There is also a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities when Adani's companies were raising funds from U.S.-based investors in transactions starting in 2021.

DISCLOSURE ISSUES, STOCK ROUT AND FALLOUT

The scandal has also raised concerns about market and public disclosure lapses by Adani Group, with prosecutors alleging the company issued false statements earlier this year related to its knowledge of the U.S. investigation.

The U.S. indictment has kept Adani Group's debt and equity under pressure. Its dollar bond prices have fallen to almost a one-year low.

The indictment appears to now have ramifications across the globe, including news that some bankers are considering pausing fresh lending to the group.

Kenya has ordered the cancellation of Adani infrastructure deals worth over $2.5 billion and a U.S. development agency is 'assessing ramifications' on a Sri Lanka Adani port project it had agreed to finance. In Bangladesh, a government panel has sought legal help for its investigation of power deals including one with Adani.

Back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.

For now, Adani has to answer U.S. SEC allegations within 21 days, a court directive states.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra, Sonali Paul and Toby Chopra)

(([email protected];))

BENGALURU, Nov 22 (Reuters) - Indian billionaire Gautam Adani has been indicted by U.S. prosecutors for his alleged role in a $265 million scheme to bribe Indian officials, sending shockwaves across his eponymous $142 billion ports-to-soybeans business conglomerate.

Here is what you need to know about the U.S. indictment.

THE MAJOR U.S. INDICTMENT

Gautam Adani, one of world's richest people, faces his biggest challenge after being charged with seven others for alleged bribery related to power supply deals from energy projects in India, with U.S. authorities calling it "The Corrupt Solar Project".

Adani Group says the allegations are baseless and has vowed to seek "all possible legal recourse".

There is a growing spotlight on Sagar Adani, a millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials, in notes the prosecutors described as "bribe notes".

The alleged bribes caught the attention of U.S. authorities as Adani's companies were raising funds from U.S.-based investors in several transactions starting 2021.

STOCK ROUT AND FALLOUT

The U.S. indictment has jolted Adani Group debt and equity. Adani Group bonds dropped for a second session after the news. However, stocks in the conglomerates' companies stabilized on Friday, a day after nearly $27 billion was knocked off from the combined market value of those shares.

In a major blow, Kenya ordered the cancellation of Adani infrastructure deals worth over $2.5 billion. And back in India, opposition parties have demanded a probe into allegations of wrongdoing and said they would raise the issue in parliament.

WHAT NEXT FOR ADANI, LEGAL OPTIONS

A key question is what is next for Gautam Adani? He is charged with foreign bribery, securities fraud, securities fraud conspiracy and wire fraud conspiracy.

Adani has not been arrested and his whereabouts are unknown, though he is believed to be in India.

A trial could still be a long way off, even if Adani is extradited or surrenders in the U.S.

If convicted, Adani could face decades in prison as well as monetary penalties, though any sentence would ultimately be up to the judge overseeing the case.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Aditya Kalra and Sonali Paul)

(([email protected];))

Nov 21 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• ADANI GROUP: ALLEGATIONS MADE BY US DEPARTMENT OF JUSTICE, US SECURITIES AND EXCHANGE COMMISSION AGAINST DIRECTORS OF ADANI GREEN BASELESS, DENIED

• ADANI GROUP: ALL POSSIBLE LEGAL RECOURSE WILL BE SOUGHT

• ADANI GROUP REACTS TO US INDICTMENT, SAYS COMMITTED TO MAINTAINING THE HIGHEST STANDARDS OF GOVERNANCE

• ADANI GROUP: ASSURE OUR STAKEHOLDERS, PARTNERS AND EMPLOYEES THAT WE ARE A LAW-ABIDING ORGANISATION, FULLY COMPLIANT WITH ALL LAWS

Source text: [ID:]

Further company coverage: ABUJ.NS

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Updates paragraph 1 with Ambuja-Orient deal

Oct 22 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after Ambuja Cements ABUJ.NS said on Tuesday it will buy a near-47% stake in smaller rival Orient Cement ORCE.NS for $451 million.

Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS as the rivals snap up smaller firms in a bid to capitalise on expectations of heavy government spending on infrastructure.

Here is a timeline of some of the major deals announced in the sector since Adani's foray in 2022:

ADANI GROUP-HOLCIM AG, MAY 2022:

Adani Group entered the Indian cement sector by buying Ambuja Cements and ACC ACC.NS from Swiss construction material giant Holcim HOLN.S for $10.5 billion.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022:

Dalmia Bharat DALB.NS bought cement and other assets of Jaiprakash Associates JAIA.NS for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023:

A company tribunal approved Sagar Cements' SGRC.NS $9.20 billion bid to take over Jaypee Group-owned Andhra Cements ANDC.NS.

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023:

Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries SNGI.NS for $295 million in August 2023 - Adani Group's first major deal after U.S. short seller Hindenburg's report in January of the year.

ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023:

UltraTech bought cement assets of Kesoram Industries KSRM.NS in a $645 million deal to boost its hold in the country's southern region.

AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024:

Ambuja bought out Penna Cement Industries PENC.NS in a $1.25 billion deal. The deal likely lifted Ambuja to among the top three players in south India, analysts have estimated.

ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024:

UltraTech inked a deal worth $472 million to gain control of India Cements ICMN.NS, after initially buying a 23% stake for $228 million.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

(([email protected]; X: @MukherjeeHritam;))

Oct 7 (Reuters) - Dealmaking in India's cement sector is in the spotlight again, after a report said Adani Group is in talks to buy the local operations of Germany's Heidelberg Materials HEIG.DE in a deal that could be worth about $1.2 billion.

Billionaire Gautam Adani's conglomerate is locked in a fierce battle with UltraTech Cement ULTC.NS as the rivals snap up smaller firms in a bid to capitalise on expectations of heavy government spending on infrastructure.

Here is a timeline of some of the major deals announced in the sector since Adani's foray in 2022:

ADANI GROUP-HOLCIM AG, MAY 2022: Adani Group entered the Indian cement sector by buying Ambuja Cements ABUJ.NS and ACC ACC.NS from Swiss construction material giant Holcim HOLN.S for $10.5 billion.

The deal remains the country's biggest in the cement sector.

DALMIA BHARAT-JAIPRAKASH ASSOCIATES, DEC. 2022: Dalmia Bharat DALB.NS bought cement and other assets of Jaiprakash Associates JAIA.NS for $687 million to strengthen its presence in India's central region.

SAGAR CEMENTS-ANDHRA CEMENTS, FEB. 2023: A company tribunal approved Sagar Cements' SGRC.NS $9.20 billion bid to take over Jaypee Group-owned Andhra Cements ANDC.NS.

AMBUJA CEMENTS-SANGHI INDUSTRIES, AUG. 2023: Ambuja Cements bought a 83% stake in debt-laden Sanghi Industries SNGI.NS for $295 million in August 2023 - Adani Group's first major deal after U.S. short seller Hindenburg's report in January of the year.

ULTRATECH CEMENT-KESORAM INDUSTRIES, NOV. 2023: UltraTech bought cement assets of Kesoram Industries KSRM.NS in a $645 million deal to boost its hold in the country's southern region.

AMBUJA CEMENTS-PENNA CEMENT INDUSTRIES, JUNE 2024: Ambuja bought out Penna Cement Industries PENC.NS in a $1.25 billion deal. The deal likely lifted Ambuja to among the top three players in south India, analysts have estimated.

ULTRATECH CEMENT-INDIA CEMENTS, JULY 2024: UltraTech inked a deal worth $472 million to gain control of India Cements ICMN.NS, after initially buying a 23% stake for $228 million.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Varun H K)

(([email protected]; X: @MukherjeeHritam;))

Sept 3 (Reuters) - ACC Ltd ACC.NS:

• GETS TAX PENALTY OF 2.9 MILLION RUPEES

Source text for Eikon: ID:nBSEbg4zML

Further company coverage: ACC.NS

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July 29 (Reuters) - ACC Ltd ACC.NS:

• ACC Q1 PAT 3.66 BILLION RUPEES; IBES EST. 4.17 BILLION RUPEES

• ACC Q1 REVENUE FROM OPERATIONS 51.56 BILLION RUPEES; IBES EST. 50.94 BILLION RUPEES

Further company coverage: ACC.NS

(([email protected];))

Updates with background on India's cement industry and on Adani group; adds details from NDTV report

By Hritam Mukherjee

BENGALURU, June 27 (Reuters) - UltraTech Cement ULTC.NS said it is buying a stake worth up to $228 million in rival India Cements ICMN.NS, intensifying a battle with the Adani group which is challenging its position as the South Asian nation's top cement maker.

India's cement market, expected to roughly double to $49.24 billion by 2029 from 2022 levels, was long dominated by billionaire Kumar Mangalam Birla's company until Gautam Adani entered the sector in 2022 and quickly rose through the ranks to become the second biggest player.

The deal for a 23% stake, which UltraTech said is a non-controlling financial investment, comes as cement makers stand to benefit from Narendra Modi's return to power and an expected infrastructure spending spurt in Asia's No. 3 economy.

The investment in Chennai-based India Cements will help UltraTech guard its turf in the country's southern markets, at a time when Adani firms are attempting to boost their hold in the region.

Between November and June, UltraTech and Adani's Ambuja ABUJ.NS have added heft to their own southern holds by signing deals with Kesoram Industries and Penna Cement Industries respectively.

As of end-March, UltraTech had an 11% market share in the region, with the Adani group having a 6% share, an industry estimate showed.

"It is becoming clearer that larger incumbents are vying for a slice of the pie in South India," said Choice Broking's Ashutosh Murarka.

The Adani group was known for its aggressive expansion strategies across sectors, including deals at NDTV, Ambuja and ACC, before falling prey to a damning report from a U.S. short seller early last year.

The group has subsequently bounced back and has also resumed making acquisitions.

Broadcaster NDTV reported that UltraTech is buying the stake mainly from investor Radhakishan Damani and his associated entities, who together hold a 20.78% stake in India Cements.

UltraTech and Damani, who is also the founder of India's top retail chain DMart AVEU.NS, did not immediately respond to Reuters' requests for comments.

India Cements' shares jumped 14% on Thursday after the news, while UltraTech's shares rose nearly 7% to hit a record high.

($1 = 83.5050 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza and Muralikumar Anantharaman)

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By Sethuraman N R

BENGALURU, June 3 (Reuters) - Shares of three Adani Group companies hit record highs Monday amid a broad-based rally in the infrastructure-focussed Indian conglomerate after exit polls predicted a third straight term for Prime Minister Narendra Modi's government.

The 10-company conglomerate, led by billionaire Gautam Adani, has invested billions of dollars in mining, ports, trading, electricity and gas among other sectors to benefit from the Modi government's emphasis on infrastructure development.

On the day, shares of Adani Ports APSE.NS jumped as much as 12.8% to a record high, while Adani Power ADAN.NS surged nearly 18% and Ambuja Cements ABUJ.NS rose about 7% to also hit all-time highs.

Shares of Adani Enterprises ADEL.NS, the group's flagship firm advanced nearly 10%, while renewable energy company Adani Green ADNA.NS climbed by 14% to their highest since January 2023.

"If the current government is going to continue for a third term, the growth in infrastructure will be a big focus. Many Adani Group companies are heavily into infrastructure and hence, we are seeing action in these stocks," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Adani Ports and Adani Enterprises were among the top 10 gainers on the benchmark Nifty 50 .NSEI index, which also rallied to a record high as the exit polls ensured political continuity.

The index has nearly doubled since 2019, when Modi was elected for a second term. The Adani Group stocks have, however, sky-rocketed between 300% and 4,500% in that period. The broader infrastructure .NIFTYINFR and energy .NIFTYENR indexes have just over doubled in value.

Citi analysts said they expect stocks exposed to the infrastructure and logistics sector, including Adani Ports, to do well in the medium term.

Among other Adani group companies, there were 5% to 9% gains in Adani Energy Solutions ADAI.NS, Adani Total Gas ADAG.NS and consumer goods company Adani Wilmar ADAW.NS, as well as news broadcaster NDTV NTDV.NS cement maker ACC ACC.NS.

(Reporting by Sethuraman NR in Bengaluru; Editing by Savio D'Souza)

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May 1 (Reuters) - Ambuja Cements ABUJ.NS, India's second-largest cement maker by market capitalisation, reported on Wednesday a smaller-than-expected profit rise in the fourth quarter as lower prices weighed.

WHY IT'S IMPORTANT

Cement makers are expected to report subdued income from sales in the reported quarter, owing to a nearly 5% decline sequentially in cement prices across India.

The March quarter usually sees cement makers report strong volumes as they push prices down to clear year-end inventory backlogs. Analysts also expect lower fuel costs and domestic coke prices to help offset weak cement prices.

UltraTech Cement ULTC.NS, the largest Indian cement maker by market value, as well as Dalmia Bharat DALB.NS and ACC ACC.NS have reported better-than-expected profit so far in the fourth quarter. These companies saw strong sales volumes offset the weaker pricing in the quarter.

BY THE NUMBERS

The Adani Group-backed company said on Wednesday its profit after tax for the quarter ended March 31 rose to 5.32 billion rupees ($63.7 million), from 5.02 billion rupees a year ago. Analysts, on average, estimated the company to report a profit of 7.56 billion rupees, as per LSEG data.

Still, revenue from operations climbed 12.3% to 47.80 billion rupees, beating analysts' estimate of 47.72 billion rupees.

WHAT'S NEXT?

The company expects the outlook of the cement industry to remain positive, driven by pre-election spending, government emphasis on infrastructure development and sustained real estate activity.

Ambuja Cements says it will benefit from cost leadership, synergy with group businesses, aiding it to sustain market leadership in the industry.

($1 = 83.4905 Indian rupees)

(Reporting by Anisha Ajith and Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips)

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** Shares of Cement maker ACC ACC.NS up 1.5% to 2,594.15 rupees

** Co reports Q4 profit of 7.49 bln, well ahead of analysts' expectation of 4.86 bln rupees as per LSEG data

** Stock was up ~0.1% before results

** Rival cement maker Dalmia Bharat DALB.NS beat Q4 profit view on Wednesday, but stock is down as profit per ton dropped more than expected

** Other peers UltraTech Cement ULTC.NS and Ambuja Cements ABUJ.NS yet to report results

** ACC stock rated "buy" on avg, same as DALB and ULTC; ABUJ rated "hold" on avg - LSEG data

(Reporting by Varun Vyas in Bengaluru)

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Adds details and background throughout

BENGALURU, March 28 (Reuters) - Indian billionaire Gautam Adani's family infused 66.61 billion rupees (about $799 million) in Ambuja Cements ABUJ.NS, raising its stake to about 67% from 63.15%, to help ramp up the cement maker's manufacturing capacity.

The family has raised its stake by converting warrants into shares, Ambuja said in an exchange filing on Thursday.

The Adani family expects the cement maker to increase its manufacturing capacity to 140 million tonnes per annum (MTPA) by 2028, from 76.1 MTPA as of Dec. 31.

"This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives," Ajay Kapur, CEO of Ambuja Cements, said in a statement.

In 2022, the Adani group entered the cement sector with a $10.5 billion deal to buy Ambuja and ACC ACC.NS from Swiss giant Holcim.

($1 = 83.3620 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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BENGALURU, Jan 25 (Reuters) - Indian cement maker ACC ACC.NS reported a higher-than-expected third-quarter profit on Thursday, helped by price hikes and strong demand for construction materials.

The Adani Group-owned company's profit after tax surged nearly five-fold to 5.27 billion rupees ($63.4 million) in the three months ended Dec. 31, surpassing average analysts' estimates of 4.15 billion rupees, per LSEG IBES data.

Cement prices in India, on average, rose 2.5% sequentially, brokerage Systematix said in a note, helping makers earn more from sales.

The makers have also been benefitting from a demand surge from the housing and infrastructure sectors, further aided by the government's spending push.

The company's revenue from operations climbed more than 8% to 49.18 billion rupees, helped by a 17% year-on-year growth in cement and clinker sales volumes.

Analysts were expecting a growth of 5-11% in the quarter.

ACC's power and fuel costs dropped 10%, leading to a 1.5% slip in total expenses.

"Opportunity buy of low-cost petcoke will help to further optimise fuel costs in the coming quarters," the company said in a statement.

Price hikes and sustained infrastructure demand helped larger rival UltraTech Cement ULTC.NS post third-quarter profit and revenue above estimates last week.

Shares of ACC rose 5.5% after results on Thursday.

($1 = 83.1175 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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Jan 8 (Reuters) - ACC Ltd ACC.NS:

• AGREED TO ACQUIRE ASIAN CONCRETES AND CEMENTS PRIVATE LIMITED

• DEAL FOR 4.26 BILLION RUPEES

• DEAL FOR 55% STAKE, CASH CONSIDERATION FROM INTERNAL ACCRUALS

Source text for Eikon: ID:nNSEbJldqF

Further company coverage: ACC.NS

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