• Source:JND
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Adani Group Latest News: Adani Group-owned Ambuja Cement has completed the acquisition of 37.8 per cent promoter stake in CK Birla Group company Orient Cement Ltd, and has become the promoter. With this, Ambuja Cement's total stake in OCL has increased to 46.66 per cent, as it also acquired 18.2 million shares equivalent to 8.87 per cent from public shareholders of OCL.

Ambuja has completed the acquisition of 7,76,49,413 equity shares (37.79 per cent of the equity share capital) of the company from the promoter group, a regulatory filing on behalf of OCL said.

By the acquisition from the promoter group and public shareholders, Ambuja has acquired sole control of OCL and has become the promoter of the company.

Last October, Ambuja Cement had announced its intent to acquire OCL for Rs 8,100 crore as part of its expansion drive. signed a binding agreement to acquire the firm at an equity value of Rs 8,100 crore. Following the change in ownership, OCL also announced the resignation of its directors - Chandrakant Birla, Amita Birla and Desh Deepak Kheterpal. In addition, four independent directors of OCL have also resigned. Its CFO, Prakash Chand Jai,n has been appointed effective April 23. Under the leadership of the new promoter, the board has appointed Vaibhav Dixit as Executive Director.

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It has also appointed Vinod Baheti as Chairman and Non-Executive Independent Director from the conclusion of the meeting on April 22, 2025. In addition, three independent directors - Sudhir Nanavati, Shruti Shah and Ravi Kapoor were also appointed to the board. OCL further said that as mentioned above, the appointment of the Executive Director, Non-Executive Independent Director and Non-Executive Independent Director will be subject to the approval of the shareholders of the company.

Adani Cement has expanded its dominance in the cement industry through inorganic routes by acquiring smaller rivals and through brownfield expansion by adding capacity to existing units.

The Adani Group aspires to achieve 140 MTPA (million tonnes per annum) capacity across India by FY28, which will help reduce overall lead distance and logistics costs for the cement business and improve market share in its key markets.

Earlier in June 2024, Adani announced the acquisition of Hyderabad-based Penna Cement at an enterprise value of Rs 10,422 crore, increasing the capacity of the country's second-largest manufacturer by 14 MTPA.

In December last year, it completed the acquisition of Saurashtra-based Sangh Industries Ltd with an enterprise value of Rs 5,185 crore.

OCL has a clinker capacity of 5.6 MTPA and cement capacity of 8.5 MTPA, along with statutory approvals to expand clinker capacity by 6.0 MTPA and cement capacity by 8.1 MTPA.

The Adani Group entered the cement sector in September 2022 after acquiring a controlling stake in Ambuja Cement from Swiss firm Holcim for US$6.4 billion (around Rs 51,000 crore) in cash. Ambuja Cement holds a 51 per cent stake in ACC Ltd.

Later, it also made an open offer of Rs 31,000 crore to acquire an additional 26 per cent stake from public shareholders. The Indian cement market is led by Aditya Birla Group firm UltraTech Cement Ltd with a consolidated capacity of 183.06 MTPA.

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(With Inputs From PTI)