JSW Cement has joined the race to buy the highly contested Orient Cement Ltd (OCL).

What Happened: The Sajjan Jindal-led firm is evaluating grabbing a promoter's stake from CK Birla, The Economic Times reported. With this, Jindal has become the third contender for the company after the Adani and Aditya Birla groups. Both groups have reportedly been in talks with CK Birla at various points since late last year.

JSW has shown strong interest in acquiring Heidelberg’s assets in India, including Penna Cement and India Cements. Heidelberg has been pushing for an equal joint venture. In Penna, JSW was close to beginning due diligence when Adani unexpectedly moved ahead, the report said, citing people aware of the development.

Additionally, Orient has been on JSW’s radar for some time, but their efforts have intensified recently.

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JSW Cement has been eyeing a listing for its cement business as soon as next year. Acquiring OCL will help it reverse merge and get listed in the process, the report added. 

The development comes amid a wave of consolidations in the cement industry. In June, Adani group's Ambuja Cements announced a ₹10,442 crore acquisition of Penna Cement. On Monday, Aditya Birla group's Ultratech Cement said it has purchased a 32.72% stake in India Cements for ₹3,954 crore. 

Price Action: Shares of Orient Cement jumped 4.14% to ₹361.35 on Monday afternoon.

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