OCL to spend €75.33mn on India cement project

It is reported that Dalmia Cement (Bharat)/(DCBL) has raised its interest in OCL India from 48% to 74.6% for an undisclosed amount. OCL has a total output capacity of 5.35 million tonnes/year, while DCBL, along with its affiliates and subsidiaries, has a combined capacity of 17 million tonnes/year at present.

The Dalmia Group is planning to merge OCL India and Dalmia Bharat, its listed cement firms, according to sources in contact with The Economic Times newspaper. In addition, Dalmia Bharat is reported by India’s leading business paper as likely to merge Dalmia Bharat Enterprises, its unlisted arm, with itself. The merger talks are said to have been denied by Dalmia Group.

LafargeHolcim has received the approval of the Cabinet Committee on Economic Affairs for the streamlining of its ownership structure in India. The transaction has already been approved by all other stakeholders including the independent directors, minority shareholders, the Securities and Exchange Board of India, stock exchanges and respective High Courts in India. LafargeHolcim is now awaiting formal communication from the Foreign Investment Promotion Board (FIPB) in order to close the transaction.

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Birla Corporation (Birla), a leading Indian cement producer, posted a 14% rise year-on-year revenue rise in the first quarter of the 2019/20 financial year to INR 18.44 billion (US$249.1mn). In the three months to 30 June 2019, Birla’s fiscal earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 49% to INR 4.02bn ($56.07mn), while its net profit rose 68% to INR 1.41bn ($19.75mn).

In a company statement released with its latest trading results, Birla says it is now looking to invest