India’s ACC eyes acquisitions

India’s ACC eyes acquisitions
Published: 03 June 2008

ACC Ltd, India’s largest cement maker, is eyeing potential takeover targets, The Financial Express said, quoting ACC chief finance officer Onne van der Weijde. Van der Weijde said the company has short-listed some companies for acquisition and has enough funds for the purpose.

However, he told the daily, ’It may, in some cases, be better from the value point of view, to wait a bit longer (before buying).’

ACC, which is held by Switzerland’s Holcim, is also set for an expansion to boost its capacity to 30.4Mt by the end of 2010, from its current capacity of 22.4Mt, the report said.

At 10:53 a.m. local time, ACC was up 0.30 per cent at Rs628.00 on the Bombay Stock Exchange (BSE), while the 30-share benchmark Sensex was down 2.09 per cent at 15,727.72 points.