Displaying items by tag: Temasek Holdings

India: Adani Group and Jaiprakash Associates are reportedly in 'advanced talks' over the latter becoming Adani Group's latest cement sector acquisition at a price of US$606m. Reuters News has reported that Jaiprakash Associates' board of directors approved the sale of the company on 10 October 2022. Adani Group plans to buy the business via one of its newly acquired cement subsidiaries.

Adani Group is also planning a US$7.9bn investment package in a Rajasthan cement plant expansion, solar power plant project and airport upgrade. The solar power plant has a planned capacity of 10GW. Adani Group owns the 1.8Mt/yr Rabriyawas cement plant and the 5Mt/yr Lakheri cement plant in Rajasthan. The group plans to raise US$10bn to fund its growth plans. Potential investors in 'early talks' with the group include Singaporean sovereign wealth fund Temasek Holdings.

Adani Group completed its acquisition of ACC and Ambuja Cements for US$10.5bn in September 2022.

India: UltraTech Cement is in talks to buy a stake in Emami Cement for up to U$800m. Sources quoted by the Economic Times newspaper say that UltraTech Cement is working with private equity companies, including KKR and Temasek Holdings, on the potential deal. Emami Group is reportedly still deciding whether to sell its entire cement business, a stake or selected assets.

Emami Cement operates a 2.5Mt/yr integrated plant at Risda in Chhattisgarh and a 2.5Mt/yr grinding plant at Panagarh in West Bengal. It acquired a 0.6Mt/yr grinding plant at Bhabua, Bihar in September 2018. In addition, the firm has mining assets in Guntur in Andhra Pradesh and near Jaipur in Rajasthan. Its main markets are in West Bengal, Chhattisgarh, Odisha, Jharkhand, Bihar, Maharashtra and Madhya Pradesh. It markets its products under the Double Bull brand.

India: Private equity companies Blackstone Group and Temasek Holdings are holding separate negotiations to buy up to a 20% stake in Wonder Cement for around US$136m. The investment is expected to allow the cement producer to expand its production capacity to 11Mt/yr from 6.75Mt/yr at present, according to the Economic Times newspaper. Wonder Cement, part of the Rajasthan-headquartered RK Group, announced in August 2018 that it was preparing to set up a 2Mt/yr clinker grinding unit in Dhule, Maharashtra.