Business News: Ambuja Cements, a subsidiary of the Adani Group, has signed a binding agreement to acquire Orient Cement Ltd (OCL) for ₹8,100 crore. Ambuja will purchase a 46.8% stake in OCL from its promoters and select public shareholders at ₹395.40 per share, a 12% premium over the last closing price. The company will also make an open offer for an additional 26% of OCL’s shares at the same price.

The acquisition, to be completed in the next 3–4 months, will be funded through internal resources. Orient Cement, founded in 2011, reported a turnover of ₹3,185.09 crore as of March 2024 and has significant operations in Telangana, Karnataka, and Maharashtra.

Ambuja Cements stated that the acquisition aligns with its goal to expand cement capacity to 140 MTPA by 2028. Currently, OCL has an 8.5 MTPA cement capacity, and the acquisition will increase Ambuja’s capacity to 100 MTPA by FY 2025, improving the Adani Group’s market share in India’s cement industry by 2%.

Karan Adani, Director of Ambuja Cements, emphasized the deal as a significant step in their accelerated growth strategy. Following this announcement, Ambuja Cements’ stock rose by 2%, while Orient Cement’s stock saw a modest 0.5% increase.