The race to acquire assets and expand capacity is underway in India's cement industry as a result of Gautam Adani's expansion drive and that of fellow billionaire Kumar Mangalam Birla's UltraTech Cement Ltd. The battle between the well-funded tycoons to control the supply of a building material essential to maintaining India's infrastructure boom is expected to escalate into a titanic struggle.

In less than two years, Adani's ambitious upstart and the industry heavyweight UltraTech have already completed six agreements, with Birla's cement company announcing the seventh on Sunday to acquire control of a sought-after regional player. There are still at least six smaller competitors to be chosen. Aditya Kondawar, a partner at the wealth management business Complete Circle Capital Pvt. Ltd. with offices in Pune, stated, "Adani's philosophy whenever they enter a sector is to dominate and take on competitors on a war footing." "After Adani entered the market, there was increased aggressiveness, which inspired UltraTech to grow as well. You have two options when competition is approaching: move aside or rise up.

With the acquisition of Ambuja Cements Ltd. and ACC Ltd., Adani Group's big bang entry in 2022 upended the local pecking order and made it the second-largest cement producer overnight. However, following Hindenburg Research's damning study, the company spent a large portion of 2023 battling fires.

Only this year did the ports-to-power conglomerate fully revert to its expansionist tendencies, fueling a turf battle as Birla's long-standing incumbent dug in its heels.