The Adani Group is in talks to buy the Indian cement operations of Germany's Heidelberg Materials in a deal that could be worth about $1.2 billion, the Economic Times newspaper said on Monday, citing people familiar with the matter.

The proposed buyout is expected to accelerate the market consolidation wave in the cement industry as the competitors of the Ambuja Cement including Ultra Tech has also tried to maintain its position through continuous acquisitions.

In a $1.2 billion deal, Adani Group plans to acquire Heidelberg Materials' Indian cement operations, after recent acquisitions.

The Adani Group is in talks to buy the Indian cement operations of Germany's Heidelberg Materials in a deal that could be worth about $1.2 billion, the Economic Times reported on Monday, citing people familiar with the matter.