The board of Associated Cement Companies (ACC) has undergone a major reshuffle. The ACC board on Tuesday appointed NS Sekhsaria, the current deputy chairman and one of the promoters of Gujarat Ambuja Cement (GACL) as the new chairman of the company. The ACC board’s move is based on a surprise decision taken by Tarun Das, the current chairman of the company, to quit from the post of ACC chairman. Mr Das was supposed to serve as the chairman of ACC till the end of ’07.
Holcim’s country representative Paul Hugentobler has also been appointed as the deputy chairman of ACC. Currently, Swiss Cement major Holcim holds over 33 per cent stake in ACC.
On Tuesday, the ACC board also appointed RA Shah, solicitor and senior Partner, Crawford Bayley & Co and Nirmalya Kumar, professor with London Business School as non-executive directors as representatives of the promoters - Ambuja Cement India - which is a 67:33 joint venture between Holcim and Gujarat Ambuja.