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According to the media reports, CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement. Executives from both sides have reportedly met to discuss the potential deal. If this transition occurs, it could trigger an open offer for an additional 26% stake, as per takeover laws. The Birla family and private investment vehicles currently hold a 37.9% stake in Orient Cement. The Adani group already owns India's second-largest cement capacity.
Orient Cement, a part of the C.K. Birla group, is a cement manufacturer. It serves Maharashtra, Telangana, Andhra Pradesh, Karnataka and parts of Madhya Pradesh, Tamil Nadu, Kerala, Gujarat and Chhattisgarh. The product mix includes Pozzolana Portland Cement (PPC) & Ordinary Portland Cement (OPC) marketed under the brand name of Birla.A1 – Birla.A1 Premium Cement and Birla.A1 StrongCrete.
Net profit of Orient Cement declined 1.04% to Rs 37.03 crore on 15.58% rise in net sales to Rs 825.18 crore in Q1 June 2023 over Q1 June 2022.
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