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Business deals

Adani's $10.5bn Indian cement acquisition sparks talk of more deals

Rival billionaires look to boost their share of the industry

Gautam Adani is betting urbanization, the growing need for affordable housing, and a recovery in the construction sector will boost cement demand.

MUMBAI -- A $10.5 billion bet on the cement business by India's richest man is set to trigger consolidation across the industry, experts said on Monday.

Gautam Adani announced on the weekend a deal to acquire the Indian cement interests of Swiss construction materials group Holcim. At a stroke, the deal turns Adani group into the second-largest cement manufacturer in India after UltraTech, which is owned by fellow billionaire Kumar Mangalam Birla.

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