From the beginning, Your Company has been a pioneer and trendsetter in
 cement and concrete, promoting innovative research and product
 development. This has made ACC an important benchmark for the Indian
 cement industry. The relationships and associations we formed with
 Ambuja Cements and with the Holcim Group have offered considerable
 opportunities for learning and adapting global best practices.
 
 Today, we cannot imagine the variety and magnitude of the tests and
 trials that ACC encountered since its inception. In all these years,
 the challenges were many, the journey was diffi cult, but the spirit
 was unfailing.  Even the last year we have just been through could have
 been daunting as it made the industry grapple with rising input costs
 and declining selling prices alongside heightened competition. But Your
 Company negotiated these uncertainties effectively to put itself in a
 position of strength.
 
 ACC is proud to announce the commissioning of the expanded Wadi 2 kiln
 in September 2010. With a daily capacity of 12,500 tonnes, it is said
 to be the largest cement kiln worldwide. Another successful project is
 the new clinkering line at Chanda in Maharashtra that commenced trial
 production in November 2010, which would ultimately result in
 additional capacity of about 3 million tonnes per annum. The completion
 of these two projects puts ACC on the threshold of achieving 30 million
 tonnes annually.
 
 With Government retaining a determined focus on infrastructure
 development and an optimistic outlook for overall GDP growth, we have
 no doubt these will offer a considerable boost to the demand for
 cement.  The future for Your Company looks bright even as it passes
 through competitive times. ACC is poised to grow much faster in coming
 decades based on its technical excellence, human resources, brand
 equity and market growth. As ACC gears up for another important phase
 in its growth, I have no doubt the company will continue to enjoy the
 same dedication and faith from all its stakeholders and associates that
 will inspire it to reach greater heights.
 
 Thank you.
 
 Narotam Sekhsaria