Cement major ACC has decided to transfer the ready-mix concrete business to its wholly owned subsidiary ACC Concrete Ltd for a consideration of not less than Rs 100 crore.
In an announcement to BSE, it said “The company’s Ready Mix Concrete Undertaking which comprises 24 units in operation and 5 units under construction situated at various locations in India, along with all other assets of this undertaking as a ‘going concern’ on a slump sale basis to its wholly owned subsidiary ACC Concrete Ltd”.
ACC Ltd has sought approval on the decision from members of the company through postal ballot.
The company has appointed Ms Shirin K. Bharucha, Legal Advisor, as the Scrutinizer for conducting the postal ballot process in a fair and transparent manner.
The postal ballot forms duly completed should reach the scrutinizer on or before December 18. The scrutinizer will submit her report to the chairman after completion of the scrutiny and the results of the postal ballot will be announced on December 21.