July 25, 2013 / 09:14 IST
Swiss cement manufacturer Holcim is all set to restructure its India operations. The firm is likely to transfer its 50 percent stake in ACC Ltd to Ambuja Cements, exclusive sources told CNBC-TV18. Board members of Ambuja and ACC are likely to meet today for the purpose,
Holcim owns majority stake in ACC and Ambuja Cements and this enables it to consolidate revenues of both its subsidiaries. Currently, the company has 50.30 percent stake in ACC andaround 50.55 percent in Ambuja
In 2006, Holcim entered into a strategic alliance with the then Gujarat Ambuja Cements Ltd (GACL) and took over the majority in Ambuja Cement India Ltd (ACIL). Through this local holding company, Holcim acquired a majority in Ambuja Cement Eastern Ltd and a substantial stake in The Associated Cement Companies Ltd (ACC), which was considered thesecond largest cement group in India. Holcim has held a majority of the seats on ACC's Board of Directors since then
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