New Delhi, March 26 -- After the Adani Group's entry into the cement sector in 2022, the industry has been undergoing a phase of consolidation. Big cement companies want to get bigger amid the intense battle for market share gains. For large listed cement makers Aditya Birla-led Ultratech Cement Ltd and the Adani Group-led Ambuja Cements Ltd expansions via the inorganic route has been a key mantra.

Inorganic growth alternatives such as acquisitions tend to be relatively more cost-effective than organic routes. They aid in faster scale-up of operations, in certain cases the acquirer gets access to captive limestone mines more economically. Plus, expansions into newer geographies helps in lowering the lead distance. Together these factors ...