Adani Group Buys Orient Cement as Race With Birla Heats Up (1)

Ambuja Cements Ltd., part of the Adani Group, has agreed to acquire Orient Cement Ltd. in a deal valued at 81 billion rupees ($963 million), as billionaire Gautam Adani continues to snap up makers of the key raw material needed for India’s infrastructure push.

Ambuja will acquire 46.8% shares of Orient Cement from its current founders and certain public shareholders, the company said in an exchange filing Tuesday. The transaction will be fully funded by internal accruals.

It will also make an open offer for 26% stake in Orient at 395.40 rupees a share, according to the filing, ...