Holcim now calls the shots at ACC

Holcim now calls the shots at ACC
Published: 18 April 2005

Cement major Holcim of Switzerland has announced that it has taken over Associated Cement Companies (ACC) through Ambuja Cement India Ltd (ACIL). Holcim says that ACIL is now the largest shareholder with 34.6 per cent stake in ACC, and is now the promoter of the company. Holcim recently picked up 20.8 per cent in ACC through its open offer, taking its total shareholding to 34.6 per cent. The Swiss major’s total investment in India after the open offer is estimated at US$518m. Total foreign shareholding in ACC was 26.48 per cent as on 31 Mar 2005, with foreign institutional investors holding 22.28 per cent. The response to Holcim’s open offer makes it clear that foreign shareholding in ACC is now at over 50 per cent.