Cement News tagged under: ACC

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Ambuja gets nod for merger with Holcim India

27 March 2014, Published under Cement News

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.

India: ACC lined up to buy into two cement joint ventures

24 March 2014, Published under Cement News

ACC (Holcim) is likely to buy Jaypee Group 74 per cent stake in two separate cement joint ventures with state-owned steel maker Steel Authority of India Ltd, according to the Business Standard. The two joint ventures are located at Bhilai (Chhattisgarh) and Bokaro (Jharkhand) with a total capacity of just over 4Mta. Jaypee Group has been struggling with debts and has been in talks with ACC to hive off some assets. In a BSE filing, Jaypee Group said its Board would meet "to consider stake ...

ACC inaugurates blended cement facility, India

11 February 2014, Published under Cement News

ACC has inaugurated a blended cement plant at Padubidri in Udupi district in the Karnataka state of India. The unit will use fly ash from Udupi Power Corporation’s thermal power plant in Udupi, PN Iyer, chief executive (South) of ACC Ltd, told those in attendance. Clinker from ACC’s plant at Wadi in Gulbarga district will be used for the production of blended cement. The new facility has a capacity of 30,000t per month and will cater for the cement requirements in coastal Karnataka and Ke...

Industry appointments at Ambuja and ACC

06 December 2013, Published under Cement News

The Holcim Group has appointed Bernard Trever has an additional director on the board of Ambuja Cements Ltd. Mr Trever has over 35 years of experience in the cement business and has been part of Holcim Ltd since 1994 where he has held senior positions including that of Chief Executive Officer of Holcim Colombia and Holcim US. Meanwhile, ACC's chief executive and managing director Kuldip Kaura has received a one-year extension in his current position till December, 2014. "We wish to inform ...

India: Ambuja wins approval for Holcim restructuring

22 November 2013, Published under Cement News

Ambuja Cements Ltd announced on Thursday that it had received shareholders' approval to buy a 24 per cent stake in Holcim (India) Pvt. Ltd from Holderind International for INR350,000m (US$556m) as well as the amalgamation of Holcim (India). The restructuring has been criticised by some investors and local shareholder-advisory firms for favouring the parent. Another round of voting will take place at Ambuja Cements' extraordinary general meeting (EGM) at Gir Somnath in Gujarat, as well as a...

ACC and Ambuja see slow return to growth

24 October 2013, Published under Cement News

ACC and Ambuja Cements, both part of Holcim, have reported a decline in quarterly sales due to subdued demand and lower cement prices, and expect a slow return to growth as near term challenges persist. Net profit at ACC, India's second-largest cement maker, halved to INR1.21bn in the July-September quarter. Net sales rose three percent to INR25.1bn. The company expects "gradual but slow improvement in demand.” Ambuja posted a 45 per cent fall in net profit to INR1.66bn for the quarter ...

ACC plans West Bengal grinding plant, India

04 September 2013, Published under Cement News

ACC Ltd plans to boost its cement capacity in eastern India through the construction of a new grinding plant in West Bengal, as well as expansion of two existing facilities. Vivek Chawla, Chief Executive of East, ACC Ltd, told Business Line that the company plans to expand its capacity in the East by 4Mta to 10Mt over the next three years, financed through internal accrual. The new 1.5Mta grinding plant will be established in Kharagpur, West Bengal, and construction is due to start in ...

Holcim streamlines Indian operations

25 July 2013, Published under Cement News

Holcim is to increase its shareholding in Ambuja Cements as part of the Swiss major's strategy to restructure and streamline its operations in India. Through intragroup restructuring, Holcim will increase its shareholding in Ambuja Cements to 61.39 per cent and Ambuja in turn will acquire Holcim’s 50.01 per cent stake in ACC Ltd. Both Ambuja and ACC will continue to operate as separate entities with their own brands and go-to-market strategies. Holcim said the restructuring “will allow for...

Shiva Cement to raise capacity by 1Mta

08 July 2013, Published under Cement News

Shiva Cement, in which ACC Ltd holds a 12.65 per cent stake, plans to increase capacity by 1Mta at its cement plant in Odisha on the east coast of India. The company currently has a capacity of 0.132Mta at the works in Rourkela and plans to invest INR270 crore to raise its volumes. RP Gupta, chairman and managing director of Shiva Cement, said the project is expected to be completed by the first half of 2015 with plans for a further increase also in the pipeline.

Holcim to restructure Indian operations?

03 July 2013, Published under Cement News

Holcim is reportedly planning to restructure its Indian operations which could see the merger of its two local subsidiaries, ACC and Ambuja Cements. Citing various sources familiar with the situation, the Economic Times of India reported that the Swiss cement major has called on a global investment bank to evaluate various options on how the two operations could be combined. Holcim owns a 50.3 per cent stake in both ACC and Ambuja Cements, the second and third-largest cement producer in I...