Economy & Market
ACC, Ambuja Cements merger not on cards
Holcim, the Swiss cement major has no plans to merge ACC and Ambuja Cements though it owns over 50 per cent in both the companies. Holcim, which had majority stakes in ACC and Ambuja Cements, recently increased its stakes in the two companies through the creeping acquisition route to levels just short of 51 per cent. Holcim's equity stake in ACC has increased to 50.10 per cent from 48.32 per cent in end-December and in Ambuja Cements to 50.01 per cent from 45.45 per cent. With the holdings little short of the 51 per cent in the companies, there has been speculation that Holcim may merge ACC and Ambuja Cements. However, Holcim stated that it has no intention to merge these companies now. A spokesperson for Holcim said the company is not intending to further raise its stakes substantially in either ACC or Ambuja Cements. Also Holcim will not merge the two group companies but will certainly explore opportunities to further improve its asset footprint and its efficiencies as well as logistics network, the spokesperson said.