Company ups share to 45.4% from 21.7% as it looks to increase Indian market presence.
"The acquisition was completed in an all-cash deal at the ruling market price," the company said in a statement.
A Dalmia Cement spokesperson said the company has acquired the stake for Rs 177 crore. The stake was purchased from Y H Dalmia, a promoter of OCL India.
Dalmia Cement, which is present in Southern parts of the country, hiked its stake in Orissa's OCL India in order to enhance its presence in the Eastern region.
"As a first step towards becoming a pan-India player, we have extended our cement footprints from Southern region to East India. We now have an access to the high growth Eastern market," Dalmia Cement (Bharat) Managing Director Puneet Dalmia said.
With such strategic investment, the company's profitability is likely to improve further in the coming days, he added.
Earlier this week, Dalmia Cement had recorded a marginal drop in net profit for the third quarter at Rs 23 crore, although its revenue jumped by 28.47 per cent to Rs 519 crore.
Dalmia Cement has an installed production capacity of 9 million tonnes per annum, while OCL India produces 5.3 million tonnes of cement every year. The combined group now controls 14.3 million tonnes of cement capacity and has become one of the top cement players in the country.