Adani’s Ambuja Cements to acquire stake in India’s Orient Cement at $964mn valuation

India’s Ambuja Cements said on Tuesday it would acquire a 46.8% stake in Orient Cement , valuing the company at 81 billion rupees ($963.5 million).

The Adani-owned cement maker will buy the Telangana-based company’s shares at 395.40 rupees per share, an over 12% premium to Orient’s last close.

Orient Cement’s shares jumped 7.5% to a record high, before trimming most of its gains.

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The acquisition will help Ambuja clock volumes of more than 100 million tonnes per annum (MTPA) in the ongoing financial year, the statement added.