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.

The proposed buyout is expected to accelerate the market consolidation wave in the cement industry as the competitors of the Ambuja Cement including Ultra Tech has also tried to maintain its position through continuous acquisitions.

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

Adani Group eyes $1.2 billion deal for Heidelberg's Indian cement operations, impacting industry dynamics and market competition.

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.