Indian multinational conglomerate Adani Group, owned by Gautam Adani is eyeing to buy Jaiprakash Group's cement business for about $606 million, as the billionaire continues expanding and diversify the portfolio of his business. 

Citing people familiar with the matter, Bloomberg reported that talks are progressing steadily to finalize the deal. 

Adani Group Chairman Gautam Adani

According to the report, the assets involved in the deal include a cement grinding unit and other smaller assets from Jaiprakash Power Ventures Ltd. and Jaiprakash Associates Ltd.

The people who wished to stay anonymous revealed that an announcement regarding the deal will be made this week. 

Adani Group is now the second largest cement maker in India, as the conglomerate bought Ambuja Cements Ltd. and ACC Ltd. in May from Switzerland's Holcim Ltd. The Group now has an installed production capacity of 67.5 million tons annually. 

The report further noted that Adani Group is planning to buy Jaiprakash's cement manufacturing facility in Nigrie in the central Indian state of Madhya Pradesh, and it has a production capacity of 2 million tons annually. 

Last month, Adani Group said that it is planning to expand its cement business further to attain an annual production capacity of 140 million tons, and will invest $2.43 billion to achieve the target. 

In September, Gautam Adani had briefly surpassed Amazon founder Jeff Bezos to become the second-richest person in the world. However, he is currently ranked as the world's fourth wealthiest person.

It should be also noted that the Indian billionaire is now richer than Microsoft founder Bill Gates and iconic investor Warren Buffett.