With this acquisition, Ambuja Cements will enhance its total operational capacity to 97.4 MTPA, fast-tracking its goal to achieve over 100 MTPA by March 2025.

India's Ambuja Cements said on Tuesday it would acquire a 46.8% stake in Orient Cement, valuing the company at 81 billion rupees ($963.5 million). The Adani-owned cement maker will buy the Telangana-based company's shares at 395.

Excluding the Orient acquisition, the Adani Group-owned cement manufacturer will register a capacity CAGR of 18% versus 9% for industry leader UltraTech Cement Ltd., Nomura said. The newsflow is positive for Ambuja Cements and the industry at large, Morgan Stanley said in a report after the acquisition.