Holcim to severe ties with CMA, India
Holcim, has decided to severe ties with industry body, the Cement Manufacturers Association — seemingly to avoid backlash in Europe over cartelisation charges.
Associated Cement Companies (ACC) and Ambuja Cement, both part of the Holcim Group have expressed their desire not to be part of the Cement Manufacturers Association of India (CMA) effective November 1. Consequently, the two companies have resigned from the primary membership of the CMA.
BL Taparia, company secretary and head of corporate services at Ambuja Cements, confirmed to TOI that the board had decided not to be a part of the CMA. "We have nothing against any member or the body. I can’t share details for not continuing with the CMA, but it is a decision of the Holcim management."
Holcim holds 45.66% stake in Ambuja Cements while the rest is with public. A spokesperson of ACC said, "We are not going to comment on the decision. We have withdrawn from the CMA’s membership." Incidentally, ACC was one of the founding members of the industry body. Holcim Group controls 46.21% of ACC through its holding companies.
Published under Cement News
