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.

Ambuja Cements, India's No.2 cement maker, said on Tuesday that it would buy a nearly 47% stake in rival Orient Cement for 37.91 billion rupees ($451 million), but analysts said there were doubts about the deal receiving regulatory approval.

Ambuja Cements, part of Adani Group, will acquire a 46.8% stake in Orient Cement Ltd for ₹8,100 crore. The deal includes an open offer for an additional 26% stake and aims to enhance Ambuja's cement capacity to 100 MTPA by FY25.