Adani Enterprises Limited (BSE:512599) unit Ambuja Cements Limited (BSE:500425) is in talks to acquire Star Cement Limited (BSE:540575), a market leader in the North East, as part of its expansion strategy, according to people familiar with the matter. The group is said to have appointed consultancy firm EY for evaluating the deal, they said. Adani Cement did not immediately respond to requests for comment.
Star Cement clarified that it is not engaged in any discussions with the group and called the development as 'speculative'. "The company is always evaluating options for growth opportunities," said an Adani Group official.
