Adani Group Sells JAL Cement Assets to Dalmia Bharat for Over ₹2,850 Crore
Adani Divests JAL Cement Assets to Dalmia Bharat
Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited, executed a Business Transfer Agreement to acquire cement undertakings from Jaiprakash Associates Limited (JAL) and Adani Infra (India) Limited on May 21, 2026. The enterprise value of the transaction stands at ₹2,850 crore.
Asset Composition
The acquisition comprises plants located at Rewa in Madhya Pradesh, and Churk, Chunar and Sadwa in Uttar Pradesh, with a combined cement capacity of 5.2 MnTPA and clinker capacity of 3.3 MnTPA. The acquired assets include 99 MW of thermal power capacity and railway sidings at Rewa and Chunar, along with a common railway siding at Churk.
Strategic Fit for Dalmia Bharat
Following completion of this transaction, Dalmia Bharat's cement capacity will increase to 54.7 MnTPA. The company's ongoing expansion projects at Belgaum, Pune and Kadapa are expected to further augment capacity to 66.7 MnTPA by Q2–Q3 FY28. Founded in 1939, Dalmia Bharat Limited is one of India's pioneering cement companies headquartered in New Delhi, spread across 10 states and 15 manufacturing units.
Resolution of Earlier Disputes
DCBL had initially entered into a framework agreement with JAL in December 2022 for the sale of business assets to settle disputes, including those under a long-term clinker supply agreement. However, the consummation remained pending when JAL was admitted to insolvency proceedings. Following approval of Adani Group's resolution plan under the Insolvency & Bankruptcy Code framework, DCBL requested that the earlier agreement be reconsidered. The fresh Business Transfer Agreement has been executed to settle all disputes and differences, including ongoing legal proceedings and pending arbitral awards.
Adani's JAL Acquisition Context
Facing claims of ₹57,185 crore from creditors, Allahabad bench of the National Company Law Tribunal admitted JAL for insolvency in 2024. The National Company Law Tribunal (NCLT) approved Adani Enterprises' resolution plan on March 17, 2026. The acquisition gave Adani access to approximately 3,985 acres of prime land in Noida and Greater Noida, cement capacity of 6.5 million tonnes across plants in Uttar Pradesh and Madhya Pradesh, a 24% stake in Jaiprakash Power Ventures, premium real estate developments including Jaypee Greens and Wish Town, the Jaipee International Sports City near the upcoming Jewar International Airport, and hotel properties across key business and tourist hubs.
Adani's Cement Portfolio Expansion
The cement divestment is part of Adani's broader portfolio strategy following its JAL acquisition. Among the most defining steps is the announcement of the amalgamation of ACC Limited and Orient Cement Limited with Ambuja Cements Limited, creating a unified 'One Cement Platform' that will accelerate growth trajectory, operational excellence, capital efficiency, strengthen leadership position and long-term value creation. Adani Cement targets a capacity of 155 MTPA by FY 2028, a 10% increase over its original plan, with the incremental 15 MTPA to be achieved through low-capex debottlenecking at USD 48/MT.