OCL India Limited (BSE:502165) agreed to acquire Dalmia Cement East Limited from Dalmia Cement (Bharat) Limited on March 28, 2016. The shareholders of Dalmia Cement (Bharat) Limited shall be issued 34.3 million optionally convertible redeemable preference shares of OCL India. In a related transaction, Dalmia Cement (Bharat) Limited agreed to acquire Adwetha Cement Holdings Limited for INR 0.5 million and Dalmia Cement (Bharat) Limited agreed to acquire certain power undertakings from DCB Power Ventures Limited for INR 950 million. Orissa Cement will change its name to OCL India. Dalmia Cement East reported turnover of INR 4.5 billion, total assets of INR 6.9 billion and net worth of INR 2.1 billion as on March 31, 2015. The transaction was approved by the Board of OCL India, Dalmia Cement East and Dalmia Cement (Bharat) Limited. The transaction was approved by the shareholders of Dalmia Cement as of December 3, 2016. As of December 12, 2017, the transaction was approved by the National Company Law Tribunal, Chennai Bench. The transaction is expected to close within 8 to 10 months. As of October 15, 2018, the transaction is expected to be implemented on October 26, 2018. Sharp & Tannan acted as an accountant and Axis Capital Limited acted as a fairness opinion provider for OCL India. OCL India Limited (BSE:502165) cancelled the acquisition of Dalmia Cement East Limited from Dalmia Cement (Bharat) Limited on June 23, 2017.