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.

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.

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.

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

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.

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.