Jaiprakash Deal Key to Dalmia Bharat Expansion; Jaisalmer Project Held in Reserve.

Dalmia Bharat is firmly focused on acquiring Jaiprakash Associates (JAL) assets, a move it sees as pivotal to its pan-India expansion strategy. The proposed acquisition of JAL is considered the "lynchpin" of Dalmia Bharat's aggressive growth blueprint in the cement sector.

However, recognizing the uncertainties involved, Dalmia Bharat is also preparing a contingency plan (Plan B). This includes the potential for a capacity ramp-up at its Jaisalmer project, with a review of this alternative expected by the end of fiscal year 2026 (FY26).

Puneet Dalmia, Managing Director and CEO of Dalmia Bharat, stated that the company "would like to wait for the outcome of (its) bid for acquisition" of JP, while simultaneously working on other strategic alternatives.

As of the end of fiscal year 2025 (FY25), Dalmia Bharat's cement manufacturing capacity stood at 49.5 million tonnes per annum (mtpa). The company is already progressing with three other significant projects: in Belgaum, Kadapa, and further clinker expansion in the Northeast. These initiatives are expected to add an additional 14 to 14.5 mtpa of cement capacity by FY28, regardless of the outcome of the Jaiprakash Associates bid.