The High Courts of New Delhi and Gujarat have given Ambuja Cements the green light to merge with Holcim India – paving the way for the ACC-Ambuja restructuring process announced by the parent company in July last year.
In a two stage deal, Ambuja will first acquire, through a purchase, a 24 per cent stake in Holcim India for a cash consideration of INR35,000m (US$~600m), followed by a stock merger between Holcim India and Ambuja.
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