Dalmia Bharat is still very interested in buying the assets of Jaiprakash Associates (JAL) to grow its business across India. But at the same time, the company is working on a backup plan. If the JP deal doesn’t go through, Dalmia will build a new cement plant in Jaisalmer, Rajasthan. This decision will be reviewed by the end of the financial year 2026.
Puneet Dalmia, the company’s MD and CEO, said they are waiting to hear about their ₹5,700 crore bid for JP’s assets. But they’re also moving ahead with other ways to grow. Dalmia Bharat ended FY25 with the capacity to make 49.5 million tonnes of cement each year. It plans to add another 14–14.5 million tonnes by FY28 through ongoing projects in Belgaum, Kadapa, and the Northeast.
In a recent call with investors, Puneet Dalmia said they will check progress every quarter—both on the JP deal and their own projects—so they can move quickly when needed. Right now, Dalmia Bharat and Adani Enterprises are the top bidders for JP’s assets, which include cement factories, hotels, land, power plants, and more. These are all being sold as part of a bankruptcy process.
If Dalmia wins the bid, it will help the company grow stronger in northern and central India. Puneet Dalmia said that JP’s cement business fits well with their future plans. Earlier, in late 2022, the first ₹5,700 crore deal fell through when JP went into insolvency. Because of that, Dalmia Bharat had to write off ₹113 crore in losses in Q1 of FY25.
If they succeed this time, Dalmia could add 9–10 million tonnes per year to their capacity. This includes a 5 mtpa cement plant in Rewa (Madhya Pradesh), a possible joint venture with SAIL in Bokaro (BJCL), and a clinker unit in Uttar Pradesh (currently in a legal dispute with Ultratech).
The lenders will review the bids soon, and more information should come shortly—though there is no final timeline yet.
Meanwhile, Dalmia is moving forward with its Jaisalmer plan as a backup. The 6 mtpa greenfield cement plant will help expand their business in northern India. Land and mining rights are already secured, and environmental approval is in progress. They will decide by March 2026 whether to begin construction. If they go ahead in early FY27, the plant should be ready by FY28.
