Holcim AG has made the initial move towards merging its Indian subsidiaries, Ambuja Cements and ACC, two people familiar with the development said.
It is learnt to have given Hewitt Associates the mandate to undertake organisational restructuring of the two companies.
Sandeep Chaudhary, business leader, Hewitt Associates, replied: “It is right that we have been retained by Holcim, but we cannot comment on anything in the media.”
It will take three months to complete the entire relocation of people in the two companies, said one person. Another said the merger will happen in the next 3-6 months. They are now looking at sorting out the tax and legal complications involved in the merger. Only then can bankers be appointed to arrive at the swap ratio. But mandates will be doled out soon.”