Dalmia Cement Raises Stake in OCL to 74.6%

New Delhi: Dalmia Cement (Bharat) Ltd said on Wednesday that it has increased stake in OCL India Ltd to 74.6 per cent from 48 per cent through transfer of shares among promoters.

The move is part of Dalmia Cement's consolidation strategy.

"The Company's subsidiary Company, Dalmia Cement (Bharat) Ltd...has increased its stake in OCL India Ltd from 48 per cent to 74.6 per cent through inter-se transfer within the promoter group of OCL India Ltd," Dalmia Bharat informed the BSE.

Financial details were not disclosed.

OCL India is one of the largest cement entities in Eastern India with plants in Odisha and West Bengal.

As part of consolidation and growth of the cement sector, Dalmia Bharat Group has been strategically acquiring assets and creating new assets in Southern, Eastern and North-Eastern India.

Overall promoter shareholding in Dalmia Bharat Ltd and DCBL remains unchanged, the company said.

With the consolidation, the Dalmia Group's regional capacity mix stands at 48 per cent in South and 52 per cent in East and North East.

Dalmia Cement (Bharat) Ltd had earlier said it has invested around Rs 2,000 crore in expanding its business in North East over the past two years.

The company currently has three manufacturing plants in the region - one in Meghalaya and two in Assam.

As of 3:07 p.m., shares in Dalmia Bharat were trading at Rs 475.05 apiece on the BSE, up 2.64 per cent from the previous close.