Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, has executed a Business Transfer Agreement to acquire cement undertakings from Jaiprakash Associates Limited (JAL) and Adani Infra (India) Limited on May 21, 2026. The acquisition comprises plants located at Rewa in Madhya Pradesh, and Churk, Chunar and Sadwa in Uttar Pradesh, with a combined cement capacity of 5.2 MnTPA and clinker capacity of 3.3 MnTPA. The enterprise value of the transaction stands at ₹2,850 crore.
The acquired assets include 99 MW of thermal power capacity and railway sidings at Rewa and Chunar, along with a common railway siding at Churk. Following completion of this transaction, Dalmia Bharat’s cement capacity will increase to 54.7 MnTPA. The company’s ongoing expansion projects at Belgaum, Pune and Kadapa are expected to further augment capacity to 66.7 MnTPA by Q2–Q3 FY28. The transaction is expected to be consummated within two weeks.
DCBL had initially entered into a framework agreement with JAL in December 2022 for the sale of business assets to settle disputes, including those under a long-term clinker supply agreement. However, the consummation remained pending when JAL was admitted to insolvency proceedings. Following approval of Adani Group’s resolution plan under the Insolvency & Bankruptcy Code framework, DCBL requested that the earlier agreement be reconsidered. The fresh Business Transfer Agreement has been executed to settle all disputes and differences, including ongoing legal proceedings and pending arbitral awards.
Managing Director & CEO Puneet Dalmia commented on the acquisition: “This serves as a great strategic fit for Dalmia. It helps us move forward in our journey to be a pan India player and provide a strong head start to serve the high potential markets in Central region. Our familiarity with these assets under the earlier tolling arrangement gives us a deep understanding of the facilities and helps us establish strong connect with channel partners and vendors.”
The acquisition is expected to accelerate Dalmia Bharat’s pan-India expansion strategy, providing faster access to Central markets compared to greenfield development. The company cited the proximity to its captive mines and proven cost leadership as factors that would enhance EBITDA delivery and returns.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).