veteran Adani Group led by industrialist Gautam Adani is going to buy Orient Cement. The group on Tuesday announced the acquisition of CK Birla Group's cement company Orient Cement at a valuation of Rs 8,100 crore as part of its expansion plan. Adani Cement's cement and construction materials company Ambuja Cements has signed an agreement to acquire Orient Cement Limited (OCL) at a price of Rs 395.4 per share.
Ambuja's capacity will increase by 1.66 crore tonnes annually
According to a joint statement by Ambuja Cement and Orient Cement, its step down unit, “Ambuja will acquire 46.8 per cent shares of Orient Cement from its existing promoters and certain public shareholders.” It said the acquisition will be funded entirely from internal sources. Will be done from. Let us tell you that after this deal the capacity of Adani Cement will increase by 1.66 crore tonnes annually. Adani Cement operates in this sector through Ambuja Cements.
CK Birla Group wants to focus on these businesses
CK Birla Group Chairman, CK Birla Group said, “CK Birla Group is continuously redeploying capital to focus on consumer centric, technology driven and service based businesses. I am proud of the impressive track record of building Orient Cement into a premium brand and maintaining leading market shares in the sectors in which it operates. We are confident that Adani Group, with its strong focus on cement and infrastructure, is the ideal new owner to drive growth at Orient Cement for our people and stakeholders.”
Market share of Ambuja Cement will increase by 2%
Ambuja Cement is set to reach 100n MTPA cement capacity in FY2025 following the completion of the acquisition of Orient Cement. This acquisition will help Adani Cement expand its presence in key markets and significantly increase its Indian market share by 2%.
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