Dalmia Bharat to acquire JAL cement capacity in central India from Adani Group for ₹2,850 crore

Dalmia Cement (Bharat) Limited (“DCBL”), a wholly owned subsidiary of Dalmia Bharat Limited, has announced the execution of a Business Transfer Agreement to acquire cement assets previously held by Jaiprakash Associates Limited (“JAL”), which was recently acquired by the Adani Group under the Insolvency & Bankruptcy Code (IBC) framework.

The Agreement Details

The agreement, executed on May 21, 2026, involves the acquisition of cement plants located in Rewa (Madhya Pradesh), and Churk, Chunar, and Sadwa (Uttar Pradesh). The deal is being done at an Enterprise Value of ₹2,850 crore.

Here’s what the acquired portfolio will include:

• Cement Capacity of 5.2 Million Tonnes Per Annum (MTPA)
• Clinker Capacity of 3.3 MTPA
• 99 MW of thermal power capacity, along with dedicated railway sidings at Rewa, Chunar, and a common railway siding at Churk.

Acquisition Timeline

The successful consummation of this transaction will increase Dalmia Bharat’s total cement capacity to 54.7 MTPA. Furthermore, the company’s ongoing expansion projects in Belgaum, Pune, and Kadapa are expected to push its total capacity to 66.7 MnTPA by the second or third quarter of financial year 2028.

The company expects to close the transaction within two weeks. Due to Dalmia’s proven cost leadership and the close proximity of these new assets to captive mines, this acquisition will augment EBITDA delivery and enhance overall returns for the company’s stakeholders, the exchange filing from Dalmia Bharat stated.

History & Impact Of Deal

Dalmia Cement had entered into a framework agreement in December 2022 with Jaiprakash Associates for the sale of business assets and other relevant agreements including a business transfer agreement and a cement sale purchase agreement.

However, before the deal could be consummated, Jaiprakash Associates was admitted to insolvency and the deal fell apart.

This acquisition is designed to settle all long-standing disputes between DCBL and JAL, including issues related to a “Long-term clinker supply agreement” and pending arbitral awards.

According to Puneet Dalmia, Managing Director & CEO of Dalmia Bharat Limited, the move serves as a “great strategic fit,” providing a faster head start into the high-potential Central Indian markets compared to a greenfield project.

Shares of Dalmia Bharat ended 2.2% higher on Thursday at ₹1,745. The stock is down 12% in the last one month and over 18% so far this year.