The Adani group-owned Ambuja Cements has completed the acquisition of a 37.8 per cent promoters’ stake in CK Birla group firm Orient Cement Ltd (OCL) and has become a promoter.

With this, the total shareholding of Ambuja Cements in OCL has gone up to 46.66 per cent as it has also acquired 1.82 crore shares representing an 8.87 per cent from public shareholders of OCL.

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

Pursuant to the acquisitions from the promoter group and public shareholders, Ambuja has acquired sole control of OCL and has become the promoter of the company, it added.

Last October, Ambuja Cements announced the acquisition of OCL at a valuation of ₹8,100 crore as part of its expansion drive. It had signed a binding agreement for the acquisition of the firm at an equity value of ₹8,100 crore.

Following a change in the ownership, OCL also announced the resignation of its directors — Chandrakant Birla, Amita Birla, and Desh Deepak Khetrapal. Besides, OCL’s four independent directors have also resigned. CFO Prakash Chand Jain has been replaced by Kajal Sarda with effect from April 23, 2025.

The board led by the new promoter has appointed Vaibhav Dixit as executive director. It has also appointed Vinod Bahety as chairman and non-executive non-independent director with effect from the conclusion of the meeting on April 22, 2025.

Besides, three independent directors — Sudhir Nanavati, Shruti Shah and Ravi Kapoor — were also appointed on the board.

OCL said, “Appointment of the executive director, non-executive non-independent director and non-executive independent directors, as stated above, will be subject to the approval of the shareholders of the company.”

Adani Cement is expanding its capacity in the cement industry through an inorganic route by acquiring small rivals and through brownfield expansion by adding capacity to the existing units.

The Adani group aspires to have 140 MTPA (million tonnes per annum) capacity by FY28 pan-India, which will help reduce overall lead distances and logistics costs for the cement business and improving market share in its core markets.