Mumbai, Feb. 25: Dalmia Cement (Bharat) has raised its stake in OCL India to 74.6 per cent from 48 per cent as part of a plan to "consolidate'' its cement operations.

This increase in its shareholding was done via inter-se promoter share transfer.

In a statement to the stock exchanges, Dalmia Bharat said despite this development, the promoter shareholding in Dalmia Bharat and Dalmia Cement (Bharat) will remain unchanged. Dalmia Cement (Bharat) is the subsidiary of Dalmia Bharat.

After the consolidation, 52 per cent of the group's cement capacity will be in the east and Northeast, while the rest will be in south.

"The move would help to create better operational synergies across the group's footprint. It is a step forward in the commitment towards aligning all stakeholder interests and overall value creation,'' the company said.

The announcement received a thumbs-up from the investors with the Dalmia Bharat scrip rising more than 3 per cent to end at Rs 477.35 in an otherwise weak market. Dalmia Cement (Bharat) said it had ongoing greenfield projects, which along with the acquired capacities, will take the group capacity to around 24 million tonnes in 2015-16.

OCL India, previously known as Orissa Cement Ltd, markets cement under the brand name of Konark. It is the market leader in Odisha with a capacity of over six million tonnes and facilities at Rajgangpur and Kapilas Cement Works in the state.

In December last year, Dalmia Cement (Bharat) announced the acquisition of 100 per cent of Bokaro Jaypee Cement Ltd for a total enterprise value of Rs 1,150 crore. While Bokaro Jaypee Cement Ltd was a 74:26 joint venture between Jaiprakash Associates and SAIL, Dalmia Cement (Bharat) had earlier acquired the 74-per cent stake held by Jaiprakash.