India: Dalmia Bharat has merged OCL India Limited and Dalmia Cement East Limited ‘Bokaro’ with Odisha Cement Limited. The resulting company will be called OCL India Limited. It has also amalgamated Adhunik Cement with Dalmia Cement (Bharat) Limited (DCBL) and transferred the power assets in Dalmia Cement Bharat Power Ventures Limited to DCBL.
In a statement the Indian cement producer added that the move would simplify its corporate structure leading to significant unrealised benefits. It added that following the consolidation OCL will become the largest Portland slag cement producer in India.
In early March 2016 Dalmia Bharat received approval from the Competition Commission of India to acquire a 15% stake in its subsidiary Dalmia Cement Bharat from private equity firm KKR for over US$181m in a cash and stock deal. After the purchase, Dalmia Cement Bharat became a wholly-owned subsidiary of Dalmia Bharat.
Dalmia Bharat runs cement and power businesses. The group has a presence in southern and eastern India, including the northeast. Dalmia Bharat has a cement production capacity of 25Mt/yr.
