NEW DELHI: Billionaire Gautam Adani-led Adani Group on Tuesday said it will acquire CK Birla group firm Orient Cement at a valuation of Rs 8,100 crore as part of its expansion drive. Ambuja Cements, the cement and building material company of Adani Cement and part of the diversified Adani Group, has signed a binding agreement for the acquisition of Orient Cement Ltd (OCL) at an equity value of Rs. 8,100 crore.
As per that its step down unit “Ambuja will acquire 46.8 per cent shares of OCL from its current promoters and certain public shareholders”, according to a joint statement. The acquisition will be fully funded through internal accruals, it added.
The latest acquisition will add 16.6 MTPA (million tonne per annum) capacity to Adani Cement, which operates through Ambuja Cements in the sector.
