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

Ambuja Cements will acquire 46.8% shares of OCL from its current promoters and certain public shareholders. The acquisition will be fully funded through internal accruals.

Ambuja Cements acquires 46.8% stake in Orient Cement for ₹8,100 crore, aiming to increase market share and capacity.