Billionaire Gautam Adani’s conglomerate is nearing a deal to acquire a controlling stake in Holcim Ltd.’s businesses in India.

The Adani Group is hammering out the final details of a $10 billion deal for 63.1% of Ambuja Cements Ltd. along with related asset.

Holcim was in advanced talks with Adani Group over a deal. Ambuja’s local subsidiaries include ACC Ltd., which is also publicly traded.

Deliberations are ongoing and could still be delayed or falter, according to the people. Representatives for Adani Group and Holcim couldn’t be reached for comment outside regular business hours.

The Adani Group has been moving beyond its core business of operating ports, power plants and coal mines and into areas like data centers, airports, digital services and retail.

Adani Group’s flagship firm Adani Enterprises Ltd. has two cement subsidiaries. The deal for Ambuja will transform Adani Group into a sizable player in the cement sector. 

Gautam Adani has been looking to diversify his company into a multi-sector juggernaut like Mukesh Ambani’s Reliance Industries Ltd.