Boards of DBL, OCL approve merger

TIL Desk Business/New Delhi/ Dalmia Bharat and OCL India today said their Boards have approved merger of the two firms to simplify the group structure, with one listed entity that will create the country’s 4th largest cement player. The merged entity will be called Dalmia Bharat Ltd (DBL).

“The Board of Directors of Dalmia Bharat Ltd (DBL), OCL India Ltd (OCL), Dalmia Cement (Bharat) Ltd (DCBL) and Odisha Cement Limited (ODCL)…approved a Scheme of Arrangement and Amalgamation for the merger of Dalmia Bharat with OCL India and merged entity to be renamed as Dalmia Bharat Ltd,” DBL said in a BSE filing.

It added: “Simultaneously, the business undertakings of OCL will be transferred into DCBL consolidating DCBL’s cement manufacturing capacity within same legal entity.”

The company further said that the respective boards “considered and approved plans to reorganise the businesses with a view to simplify the group structure, create one listed entity, consolidate into a single operating cement company, pursue focused growth towards Pan India presence and renewed and sharper focus on sustainable development.”