New Delhi, March 4 -- The Competition Commission of India (CCI), the country's antitrust regulator, on Tuesday, March 4, announced that it had approved Ambuja Cements Limited's plan to acquire up to 72.8 per cent stake in Orient Cement Limited.

"CCI approves the proposed acquisition of up to 72.8% shareholding of Orient Cement Limited by Ambuja Cements Limited," the regulator said in a post on social media platform X.

According to a Reuters report, the Adani Group-owned Ambuja Cements unveiled its plans to buy a stake worth $451 million in Orient Cement in an effort to compete with the industry behemoth, the Aditya Birla group-owned UltraTech Cement.

"The proposed transaction comprises the acquisition of 46.80 per cent of the issued sh...