ACC to freeze cement prices over next 2-3 months
Indian cement manufacturer ACC Ltd said Friday it will hold cement prices for the next 2-3 months in response to the federal government’s request to help keep rising inflation in check.
"While ACC has been taking all steps necessary to ensure that production is maintained at peak levels at all its plants and will continue to improve further operational efficiencies, this price freeze will erode the company’s margins," it said in a notice to the Bombay Stock Exchange.
"During this period, ACC will engage in an open dialogue with the government to explore viable solutions to combat inflationary trends that have disproportionately increased its input costs," it said.
India’s wholesale price index-based inflation rate has remained above the Reserve Bank of India’s stated comfort level of 5% for the past nine weeks primarily on rising commodity and oil prices. It was 7.57% in the week ended April 19.
Published under Cement News
