JSW joins the race to buy CK Birla’s flagship Orient Cement
JSW Cement has begun evaluating acquisition of the promoter stake in Orient Cement Ltd (OCL) from CK Birla, said people aware of the development, amid a consolidation wave in the sector that’s seen the Aditya Birla and Adani groups race to pick up assets across the country.
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The development sees the entry of a third contender for OCL’s 8.5 million tons per annum (MTPA) capacity after the Adani and Aditya Birla groups, both of which have been in active discussion with Delhi-based CK Birla at various points since late last year when JP Morgan kicked off the sale process. ET was the first to report about these developments in editions dated October 18, 2022 and July 4th.
Jindal’s attempt to throw a hat in the ring for OCL’s 8.5 million tonnes per annum capacity will see the entry of a third contender in the race following Gautam Adani and Kumar Mangalam Birla, both of whom has been in active discussions with Delhi-based CK Birla, Kumar Mangalam’s uncle, at various points since late last year ever since JP Morgan begun a sale process. In 2022, all three went head-to-head for the $6.5 billion acquisition of Holcim’s India assets — biggest M&A in India’s building-materials industry – in which Adani eventually trumped the other two to overnight emerge as the 2nd largest player in the country, upending the pecking order. Since then, the two have acquired seven companies between them.
