BENGALURU: 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, led by billionaire Gautam Adani, entered India’s cement sector in 2022 by buying Holcim’s local units and has made a string of acquisitions since then as it jostles with top cement producer UltraTech Cement for market share.

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Adani Group and Heidelberg did not immediately respond to Reuters’ requests for comment.