AMBUJACEM

In March 4 story, corrects paragraph 1 to clarify Ambuja Cements is buying Orient Cement, not India Cements

March 4 (Reuters) - India's antitrust watchdog, approved Ambuja Cements' ABUJ.NS acquisition of Orient Cement ORCE.NS on Tuesday, months after the Adani Group company first announced the deal.

Ambuja Cements, India's second-largest cement maker, in October revealed plans to buy stake worth $451 million in Orient Cement, intensifying competition with industry leader UltraTech Cement ULTC.NS.

Competition in the Indian cement sector has heated up recently, with UltraTech and the Adani Group companies striking a slew of deals to acquire smaller firms and expand their market share.

Analysts had doubted Ambuja's deal would win regulatory approval, considering recent acquisitions that have led to industry oversupply. Ambuja's shares fell 2.3% on October 22 when the deal was first announced.

Since October 22, Ambuja Cements' shares have dropped about 15%, while Orient Cements' shares have fallen nearly 5%.

In recent years, Ambuja has acquired smaller rivals Sanghi Industries SNGI.NS and Penna Cement PENC.NS.

(Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)

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** Shares of Ambuja Cements ABUJ.NS climb 1.9% to 484 rupees, while Orient Cement ORCE.NS rises 2.3% to 334.95 rupees

** India's antitrust watchdog on Tuesday approved Ambuja's acquisition of Orient, months after the Adani Group company first announced the deal

** ORCE set for busiest trading session in over four months, with volumes at 6.8x the 30-day avg; ABUJ's vols relatively muted at about 0.3x its 30-day avg

** ABUJ on track to for biggest one-day gain in a month, ORCE for best day in more than 3 months

** ABUJ stock rated "buy' on avg, ORCE rated "sell" - data compiled by LSEG

** Ambuja and Orient are down about 11% and 4.5% YTD, respectively

(Reporting by Manvi Pant in Bengaluru)

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March 4 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED ACQUISITION OF UP TO 72.8% STAKE OF ORIENT CEMENT BY AMBUJA CEMENTS

Source text: [ID:]

Further company coverage: ABUJ.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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Adds analyst comment in paragraph 5, ratings agency's forecast in paragraph 12

By Hritam Mukherjee

Feb 1 (Reuters) - Indian infrastructure and cement stocks declined in a special trading session on Saturday, as investors were disappointed by the 'modest' hike in capital spending announced in the annual budget.

The infrastructure index .NIFTYINFR reversed gains following the budget presentation, and closed 1% lower. Sector bellwether Larsen & Toubro (L&T) LART.NS ended 3.4% lower, its sharpest one-day fall in more than 3 months.

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.

"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.

"The budget proposals seem to focus a lot on consumption this time around... but the negative surprise has come from the shift of focus on government capex in infrastructure development," said Mirae Asset Sharekhan's Gaurav Dua.

IRB Infrastructure Developers IRBI.NS, which constructs highways, declined 3%.

"With corporate balance sheets fairly strong, (the) government wants private sector to step up on capex," the company's Chairman Virendra D. Mhaiskar said.

Shares of cement makers, which are key beneficiaries of government spending, fell on worries that of a slow demand recovery.

UltraTech ULTC.NS, the country's largest cement maker by capacity, fell as much as 6% before ending 2% lower.

Ambuja Cements ABUJ.NS and Dalmia Bharat DALB.NS fell 2% each, while Shree Cement SHCM.NS dropped 3%.

Top cement executives have flagged that government spending hasn't picked up substantially since the national elections in 2024, with volumes growing sluggishly in the third quarter nearly across the board.

Cement demand is likely to log single-digit percentage growth in fiscal year 2026, India Ratings and Research said.

India is the world's second-largest cement producer, and the domestic industry is expected to grow 4%-5% in fiscal year 2025, significantly slower than the 8% and 12% growth seen in 2022 and 2023, data from ratings agency Crisil showed.

(Reporting by Hritam Mukherjee in Bengaluru; Additional reporting by Yagnoseni Das; Editing by Varun H K)

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Jan 29 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS Q3 PAT 17.58 BILLION RUPEES; IBES EST. 5.13 BILLION RUPEES

• AMBUJA CEMENTS Q3 REV FROM OPS 48.50 BLN RUPEES; IBES EST. 45.86 BLN RUPEES

Further company coverage: ABUJ.NS

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Updates with analyst comments in paragraphs 4,6, background in paragraphs 5,7

By Hritam Mukherjee

Jan 13 (Reuters) - India's markets regulator has approved JSW Cement's JSWC.NS initial public offering, a notification on the regulator's website showed on Monday, four months after it put the IPO on hold for reasons it did not disclose.

The cement-making arm of the steel-to-energy JSW group filed for an IPO worth up to 40 billion rupees ($461.52 million) in August, aiming to capitalise on the country's booming stock market and long-term demand growth expectations for the building material.

In 2024, 91 large firms went public and raised a record 1.6 trillion rupees via IPOs, according to analytics firm Prime Database, with the bull run expected to continue in 2025.

"The approval came later than expected but came at the right time for the company as investor focus now shifts towards capital expenditure allocations in the upcoming federal budget, which would bring sectors like cement under the spotlight," said Mahesh Ojha, a research analyst at Hensex Securities.

India's finance minister will present the country's annual budget for 2025/2026 on Feb. 1.

"Plus, the parent group is well-known, so I expect strong investor interest in this IPO, especially from institutions for their long-term investment priorities," Ojha added.

The sector has been witnessing increased dealmaking recently, led by a face-off between Aditya Birla Group's UltraTech ULTC.NS - the market leader - and its challenger, Adani-owned Ambuja Cements ABUJ.NS, while depressed prices and demand cool-down also weigh on the earnings of listed firms.

JSW Cement had said it would issue fresh shares worth 20 billion rupees, with existing shareholders also selling shares worth the same amount.

($1 = 86.6710 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

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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)

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Dec 17 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS LTD - APPROVED SCHEME OF ARRANGEMENT BETWEEN SANGHI INDUSTRIES AND AMBUJA CEMENTS

• AMBUJA CEMENTS - APPROVED SCHEME OF ARRANGEMENT BETWEEN PENNA CEMENT INDUSTRIES, CO

Further company coverage: ABUJ.NS

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Dec 9 (Reuters) - Indian conglomerate Adani Group will invest over 7.5 trillion rupees ($88.53 billion) in various sectors like renewable energy and cement in the northern state of Rajasthan, Karan Adani, managing director of Adani Ports APSE.NSm, said on Monday at an investment summit.

($1 = 84.7200 Indian rupees)

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

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** Star Cement STAT.NS climbs 7% to 209.27 rupees; stock set for sixth straight session of gains

** Ambuja Cements ABUJ.NS, the cement arm of billionaire Gautam Adani, is in talks to acquire STAT, market leader in northeastern India, Moneycontrol reports

** Acquisition is part of Adani group's expansion strategy - report

** STAT, in an exchange filing, said it is "not engaged in any discussions in this regard"

** ABUJ did not immediately respond to Reuters request for comment

** ABUJ stock little changed after report, down 0.3%

** Avg rating on STAT, larger rivals ABUJ and market leader UltraTech ULTC.NS at "buy" - LSEG data

** STAT up ~20% YTD, set for third straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

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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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Dec 2 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS - PARTNERS WITH COOLBROOK TO LEVERAGE ZERO-CARBON HEATING TECH

Source text: [ID:]

Further company coverage: ABUJ.NS

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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.

(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)

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Nov 22 (Reuters) - S&P Global Ratings lowered its outlook on three Adani Group entities to negative from stable on Friday, citing risks to funding access following a U.S. indictment of the conglomerate's billionaire founder, Gautam Adani, on bribery charges.

Adani and seven other people, including his nephew Sagar, were indicted on Thursday for fraud by U.S. prosecutors for their alleged roles in a $265 million scheme to bribe Indian officials to secure power-supply deals.

Adani Group has said the accusations levelled by U.S. federal prosecutors, as well as those by the U.S. Securities and Exchange Commission in a parallel civil case, are "baseless and denied" and that it will seek "all possible legal recourse."

The U.S. indictment could affect investor confidence in other Adani Group entities, as the founder sits on the boards of other companies within the group, potentially impairing their access to funding and increasing their funding costs, S&P said in a note.

"The group will need regular access to both equity and debt markets given its large growth plans, in addition to its regular refinancing. We believe domestic, as well as some international banks and bond market investors, look at Adani entities as a group, and could set group limits on their exposure," S&P said.

Bonds and most stocks of the Adani Group dropped for a second session on Friday after the indictment.

(Reporting by Manvi Pant in Bengaluru; Editing by Abinaya Vijayaraghavan)

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Corrects source to Azure Power, from Ambuja Cements

Nov 21 (Reuters) - AZURE POWER:

• AWARE OF ACTIONS BY U.S. DEPARTMENT OF JUSTICE, SEC AGAINST FORMER DIRECTORS, OFFICERS OF AZURE

• WE HAVE BEEN COOPERATING WITH THE AGENCIES, WE WILL CONTINUE TO DO SO

• FORMER DIRECTORS, OFFICERS OF AZURE IN U.S ACTIONS HAVE BEEN SEPARATED FROM AZURE FOR MORE THAN A YEAR

• FORMER DIRECTORS, OFFICERS OF AZURE REFERENCED IN U.S. DOJ AND U.S. SEC ACTIONS HAVE BEEN SEPARATED FROM AZURE FOR MORE THAN A YEAR

• AZURE IS COMMITTED TO OPERATING WITH STRONG GOVERNANCE STANDARDS IN ITS MISSION TO PROVIDE CLEAN ENERGY SOLUTIONS

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Oct 28 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• WELL POISED TO ACHIEVE 100+ MTPA CAPACITY BY MAR’25

Source text: ID:nBSE8kr3Nj

Further company coverage: ABUJ.NS

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Oct 22 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• ACQUIRES 37.90% OF ORIENT CEMENT FOR 395.40 RUPEES PER SHARE

• ACQUISITION OF ORIENT CEMENT

• ACQUIRES 8.90% OF ORIENT CEMENT FOR 395.40 RUPEES PER SHARE

• ADANI ACQUIRES ORIENT CEMENT AT 81 BILLION RUPEES EQUITY VALUE

• ACQUISITION OF 37.90% STAKE OF ORIENT CEMENT

• ACQUISITION WILL BE FULLY FUNDED THROUGH INTERNAL ACCRUALS

• DEAL FOR 395.40 RUPEESPER SHARE

Source text for Eikon: ID:nBSE592Tlb

Further company coverage: ABUJ.NS

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Oct 9 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• GETS TAX ORDER OF 5.7 MILLION RUPEES, PENALTY OF 573,602 RUPEES

Source text for Eikon: ID:nBSEb6jLNS

Further company coverage: ABUJ.NS

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Updates with response from HeidelbergCement India, closing share levels in paragraph 4

BENGALURU, Oct 7 (Reuters) - The Adani Group is in talks to buy the Indian cement operations of Germany's Heidelberg Materials HEIG.DE in a deal that could be worth about $1.2 billion, the Economic Times newspaper said on Monday, citing people familiar with the matter.

Led by billionaire Gautam Adani, the group entered India's cement industry in 2022 by buying Holcim's HOLN.S local units and has made a string of acquisitions since, as it jostles for market share with top producer UltraTech Cement ULTC.NS.

The Adani Group did not immediately respond to Reuters' request for comment.

HeidelbergCement India HEID.NS said in an exchange filing that "the company is unaware about any such development". Its shares closed 4% higher after jumping as much as 18% earlier in the day.

Heidelberg Materials declined to comment. Its shares were also set to open 1.2% higher in pre-market trade in Frankfurt.

In July, Chief Executive Dominik von Achten said the group's market position in India was "not perfect yet" and it was looking at all options, adding that the market faced a trend of consolidation.

Dealmaking has intensified in India's cement industry since Adani's foray, as government spending has boosted demand from housing and infrastructure.

The Adani Group would drop out of the race if it drew in other contenders, the Economic Times cited one of its sources as saying.

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

Heidelberg Materials, which entered India in 2006 with a series of domestic acquisitions, now has four plants with an annual capacity of 12.6 million tonnes, it says on its website.

Increased competition over the last few quarters has cut into market share in its mainstay central India market.

HeidelbergCement India posted its first profit drop in five quarters in the three months to June as sales volume declined and a price cut weighed.

($1=83.9580 Indian rupees)

(Reporting by Chris Thomas, Nandan Mandayam and Hritam Mukherjee in Bengaluru; Additional reporting by Christoph Steitz; Editing by Mrigank Dhaniwala and Clarence Fernandez)

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BENGALURU, Aug 23 (Reuters) - U.S. boutique investment firm GQG Partners Inc was the largest buyer in a stake sale of India's Ambuja Cements ABUJ.NS by an Adani-owned company on Friday.

Adani-owned Holderind Investments, which had a nearly 51% stake in Ambuja Cements as of June-end, had offered a 2.8% stake worth $500 million.

WHY IT'S IMPORTANT

GQG Partners was the first to invest in Adani group companies after a report by short-seller Hindenburg Research triggered a stock rout early last year. The firm's $1.87 billion infusion in four Adani group companies helped restore some confidence in the conglomerate.

It was also among the 50 investors in Adani Energy Solutions' ADAI.NS recent $1 billion share sale.

On Thursday, broadcaster CNBC TV-18 reported that the ports-to-power conglomerate is mulling a stake sale in Adani Power ADAN.NS too, beside Ambuja, to trim its debt.

The group's flagship Adani Enterprises ADEL.NS is likely to launch a $1 billion share sale in mid-September, Reuters reported earlier this month.

BY THE NUMBERS

GQG Partners purchased 26.8 million shares through block deals, data from the National Stock Exchange showed. SBI Life Insurance SBIL.NS lapped up the second-largest stake in the sale, buying 8 million shares.

Other buyers include Norges Bank, The Vanguard Group and Morgan Stanley. Among the Indian mutual funds that participated were Axis Mutual Fund, ICICI Prudential Mutual Fund, and Tata Mutual Fund.

All blocks but one were sold at 625.5 rupees per share, a 1% discount to Thursday's closing price. One block comprising 161,000 shares was sold at 625.55 rupees.

Holderind sold 68 million shares in blocks.

GQG Partners owned a 1.35% stake in Ambuja Cements as of June 30, per exchange data.

MARKET REACTION

Shares of the cement maker jumped as much 4.5% on Friday, before fizzling out most of its gains to close up 0.3%.

(Reporting by Varun Hebbalalu and Hritam Mukherjee in Bengaluru; Editing by Vijay Kishore)

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Aug 22 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• HOLDERIND INVESTMENTS TO SELL 2.84% STAKE IN AMBUJA CEMENTS ON AUG 23- TERMSHEET

• HOLDERIND INVESTMENTS TO SELL STAKE IN AMBUJA CEMENTS AT A FLOOR PRICE OF 600 RUPEES PER SHARE- TERMSHEET

• HOLDERIND INVESTMENTS STAKE SALE IN AMBUJA CEMENTS VALUED AT $500 MILLION- TERMSHEET

Source text for Eikon: [ID:]

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Aug 16 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• AMBUJA CEMENTS LTD - COMPLETED ACQUISITION OF PENNA CEMENT INDUSTRIES

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July 31 (Reuters) - Ambuja Cements Ltd ABUJ.NS:

• PENNA TRANSACTION EXPECTED TO BE CLOSED BY Q2 FY25

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** Shares of Ambuja Cements ABUJ.NS rise 2.1% to 675.6 rupees

** Nomura double upgrades ABUJ to "buy" from "reduce"; raises PT to 780 rupees, a 56% upside

** Says co's aggressive capacity expansion with acquisition of Penna Cement will imply 14% compound annual growth in capacity for ABUJ over FY24-26

** AMBJ could see highest volume growth vs 6% and 9% growth, respectively, for industry, rival Ultratech ULTC.NS - Nomura

** Adds, entry into newer markets will help ABUJ become third-largest player in southern India, behind Ultratech and Ramco Cements TRCE.NS

** ABUJ among top gainers on Nifty 100 .NIFTY100, Nifty infrastructure .NIFTYINFRA

** ABUJ has a fwd 12-month PE ratio of 33 on NIFTYINFRA index vs 34 for ULTC

(Reporting by Ashna Teresa Britto in Bengaluru)

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