1 / 9Adani Group is in advanced talks to acquire Ambuja Cements, the India business of Holcim Limited, according to a Moneycontrol report. 2 / 9An agreement between the Gautam Adani-led conglomerate and Holcim to buy a controlling stake in Ambuja is expected in the next few days.3 / 9Other bidders in fray, include JSW group. 4 / 9Ambuja shares climbed about 26 percent in April, giving it a market value of about $10 billion. Holcim, which controls 63.1 percent of the company, has been considering the sale of its stake, Bloomberg News reported.5 / 9However, no final decision has been made and talks could still fall apart.6 / 9Holcim has recently been selling off non-core assets, divesting its Brazilian unit for $1 billion in September and planning the sale of its business in Zimbabwe.7 / 9Adani Group flagship Adani Enterprises Ltd has two cement subsidiaries. Adani Cementation Ltd is planning to build an integrated facility in Gujarat, according to a compliance report in November. The group established Adani Cement Ltd in June 2021.8 / 9Founded in 1983, Ambuja has an annual production capacity of 31 million metric tonnes from its six integrated manufacturing plants and eight cement grinding units in India, says the company's website.9 / 9“India’s cement producers face tough competition and volatile fuel costs, both of which are impediments to sustainable, steady profits. This makes the country’s fragmented cement industry a fertile ground for an extended shakeout,” Sonia Baldeira, senior analyst, was quoted as saying by Bloomberg Intelligence.