OCL India Limited (BSE:502165) agreed to acquire Dalmia Bharat Limited (BSE:533309) from its shareholders for approximately INR 170 billion on November 5, 2016. Under the terms, OCL India Limited and Dalmia Bharat Limited will merge such that for every one share of Dalmia Bharat Limited, two shares of the merged entity will be issued. Pursuant to the transaction, Dalmia Bharat Limited will be dissolved and OCL India Limited will change its name to Dalmia Bharat Limited. The transaction is subject to shareholder approvals of OCL and Dalmia Bharat Limited, court approval, approval from National Company Law Tribunal, regulatory approvals including stock exchanges and other relevant authorities and completion of the scheme of arrangement involving OCL India Limited and Odisha Cement Limited. As of November 5, 2016, the Boards of Directors of both Dalmia Bharat and OCL India approved the transaction. As of January 24, 2018, shareholders of Dalmia Bharat Limited and OCL India Limited approved the transaction. As per announcement of October 22, 2018, the scheme of arrangement will be implemented on October 30, 2018. As of October 30, 2018, Board of Directors of OCL India Limited approved to implement the scheme on October 30, 2018.

SPA Capital Advisors Limited acted as a financial advisor to OCL India Limited and Axis Capital Limited acted as a financial advisor to Dalmia Bharat Limited. Sharp & Tannan acted as an accountant in the transaction. R. Venkatasubramanian, Practising Company secretary acted as scrutinizer for the scrutiny of result in shareholders meeting.