New Delhi, Mar 5
The Competition Commission of India (CCI) has approved a deal where Ambuja Cements Limited will acquire up to 72.8% of Orient Cement Limited.
Ambuja Cements manufactures and sells grey cement, including Ordinary Portland Cement (OPC), Pozzolana Portland Cement (PPC), and Pozzolana Composite Cement (PCC). It operates 22 cement plants, 10 bulk cement terminals, and 21 grinding units across India.
Orient Cement also produces grey cement (PPC and OPC) and has three manufacturing plants in Telangana, Karnataka, and Maharashtra, supplying cement to 10 states.
Ambuja Cements will first acquire 46.8% of Orient Cement’s shares, including 37.9% from its promoters and 8.9% from public shareholders.
This acquisition triggers an open offer, allowing Ambuja to buy up to 26% more shares from the public, as required by Indian takeover regulations.
If all public shareholders accept the offer, Ambuja Cements’ total ownership in Orient Cement will increase to 72.8%.
A detailed order from the commission will be released later.
(Source: PIB)
