Dalmia Bharat (DBL) has proposed the amalgamation of Adhunik into DCBL and Bokaro & OCL into Odisha Cement (100% subsidiary of OCL). Power assets of 99 MW under DCBPVL (74% subsidiary of Dalmia Power) will also get merged into DCBL. This proposal will further simplify the corporate structure (post the first step taken in Jan-15, regarding partial exit provided to KKR) bode well for DBL and would help in some synergy benefits from raw material & logistics. Maintain Buy with TP of Rs 924.