PTI reported that Dalmia Cement (Bharat) has increased its stake in OCL India to 45.4% from 21.7% at an investment of INR 177 crore as part of its plan to expand its footprint in eastern India.

Dalmia Cement said that "The acquisition was completed in an all cash deal at the ruling market price."

Dalmia Cement hiked its stake in Orissa's OCL India in order to enhance its presence in the Eastern region.

Mr Puneet Dalmia MD of Dalmia Cement (Bharat) said that "As a first step towards becoming a pan-India player, we have extended our cement footprints from Southern region to East India. We now have an access to the high growth Eastern market." He added that with such strategic investment, the company's profitability is likely to improve further in the coming days.

Earlier this week, Dalmia Cement had recorded a marginal drop in net profit for the third quarter at INR 23 crore, although its revenue jumped by 28.47% to INR 519 crore.

Dalmia Cement has an installed production capacity of 9 million tonnes per annum, while OCL India produces 5.3 million tonnes of cement every year. The combined group now controls 14.3 million tonnes of cement capacity and has become one of the top cement players in the country.

(Sourced from PTI)