New Delhi:
Ambuja Cements, owned by Adani Group, has completed the acquisition of 37.8 percent of the promoters’ share of CK Birla Group Firm Orient Cement Limited (OCL) and has become a promoter.
With this, the total stake of Ambuja Cements in OCL has increased by 46.66 percent as it has also acquired 1.82 crore shares representing 8.87 percent from public shareholders of OCL.
A regulatory filing from OCL said, “Ambuja has completed the acquisition of 7,76,49,413 equity shares of the company (representing 37.79 percent of equity share capital).”
For the acquisition of promoter groups and public shareholders, Ambuja has achieved OCL’s only control and has become the company’s promoter.
Last October, Ambuja Cements announced the acquisition of OCL on the evaluation of Rs 8,100 crore as part of his expansion drive. It signed a binding agreement for the acquisition of the firm at an equity price of Rs 8,100 crore.
After the change in ownership, OCL also announced the resignation of its directors – Chandrakant Birla, Amita Birla and Desh Deepak Khetrapal. Apart from this, four independent directors of OCL have also resigned.
Its CFO, Prakash Chand Jain has been replaced by Kajal Sarda since 23 April 2025.
The board, led by the new promoter, has appointed Vaibhav Dixit as Executive Director. It has also appointed Vinod Beauty as Chairman and Non-Foced Non-Independent Director with the impact of the meeting on 22 April 2025.
Apart from this, three independent directors – Sudhir Nanavati, Shruti Shah and Ravi Kapoor – were also appointed on the board.
The OCL further said, “Appointment of Executive Director, Non-Executive Non-Independent Director and Non-Executive Independent Directors, as stated above, will be subject to the approval of the company’s shareholders.” Adani cement is expanding its ability to the cement industry through an inorganic route through brownfield expansion by receiving small rivals and adding capacity to existing units.
The Adani group has a 140 MTPA (million tonnes per year) capacity by the FY28 Pan-India, which will help reduce the overall lead distance and logistics costs for cement business and improve market share in its main markets.
Earlier in June 2024, Adani announced the acquisition of Hyderabad -based Penna Cement at an enterprise price of Rs 10,422 crore, adding 14 MTPA capacity to the country’s second largest manufacturer.
In December last year, it completed the acquisition of Sanghi Industries Limited in Saurashtra at an enterprise price of Rs 5,185 crore.
OCL to increase clinker capacity with 5.6 MTPA clinker capacity and 8.5 MTPA cement capacity -one and 6.0 MTPA and cement capacity by one and 8.1 MTPA.
The Adani Group entered the cement sector in September 2022, after receiving controlled bets in Ambuja Cements from Swiss firm Holsim for cash income of US $ 6.4 billion (about Rs 51,000 crore). Ambuja Cements holds a 51 percent stake in ACC Limited.
Later it also launched an open proposal of Rs 31,000 crore for the acquisition of 26 percent additional stakes from public shareholders.
The Indian cement market is headed by Aditya Birla Group Firm UltraTech Cement Limited, which has an integrated capacity of 183.06 MTPA.
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
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