Economy & Market
Cement markets stabilising in India
The Swiss firm Holcim, which owns majority stake in ACC Ltd and Ambuja Cements, has indicated that the cement market in India is now stabilising and that the company has witnessed steady sale volumes. With the combined capacity of ACC and Ambuja amounting to 58 million tonne per annum, Holcim is the second largest cement maker in India after Aditya Birla Group's Ultratech. Holcim has its base set in more than 70 countries and has a total production capacity of 206 million tonnes per annum. India is the single largest production base for Holcim. On the proposed merger between two India firms, Holcim reported that the simplification of group structure in India was close to completion. Holcim has received approvals from the High Courts in Delhi and Gujarat and is now awaiting final approval from the Foreign Investment Promotion Board.