India: Dalmia Bharat wins go ahead for amalgamation

Dalmia Bharat has received approval from its Board of Directors for amalgamation of OCL India and Dalmia Cement East 'Bokaro' with Odisha Cement (OCL).

The board has approved amalgamation of Adhunik Cement with Dalmia cement (Bharat) and transfer of power assets in Dalmia Cement Bharat Power Ventures to Dalmia Cement (Bharat), the company said in a filing to the Bombay Stock Exchange.

The company has enhanced its commitment in adding value to its shareholders by consolidating its eastern operations and further simplifying the corporate structure leading to significant unrealised benefits, it added.

Post consolidation, OCL would emerge as one of the largest Portland slag cement producer in India, the company said.