The Adani Group is in talks to buy the Indian cement operations of Germany's Heidelberg Materials in a deal that could be worth about $1.2 billion, the Economic Times reported on Monday, citing people familiar with the matter.

Adani Group company Ambuja Cements will lead the proposed buyout of Heidelberg’s India unit and the acquisition could be worth around $1.2 billion or ₹10,000 crore, a report said.

Heidelberg currently owns a 69.39 percent stake in the company, which is listed on the Indian stock exchanges. Heidelberg’s stake is worth around Rs 3,437 crore at the current market price. A controlling stake sale will trigger a mandatory open offer under SEBI’s takeover norms, for acquiring a 26 percent stake from public shareholders.

Dealmaking in India's cement sector is in the spotlight again, after a report said Adani Group is in talks to buy the local operations of Germany's Heidelberg Materials in a deal that could be worth about $1.

Riding high on buyout rumors, shares of Heidelbergcement India surged 17.95% to touch a new 52-week high of ₹257.85 on the BSE.

In a $1.2 billion deal, Adani Group plans to acquire Heidelberg Materials' Indian cement operations, after recent acquisitions.

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

Shares of Heidelberg Cement rose 17% on Monday's trading session. What Happened: The Adani Group is said to be negotiating the purchase of Heidelberg’s cement unit in India, as per a report by The Economic Times.