ACC India may sell its stake In Everest

ACC India may sell its stake In Everest
Published: 12 February 2004

Associated Cement Companies, India’s second-largest cement maker, plans to sell its 76.01 per cent stake in building products firm Everest Industries. ACC has initiated talks with prospective buyers which are in "preliminary stages," local Economist newspaper reports say. However, a senior ACC official, when reached by the newspaper, denied that the company has any intention to sell its stake in Everest Industries. "The company is doing well. We plan to continue with our equity investments in Everest," the report quoted the official as suggesting that reporters could be making a mountain out of this story.