FIPB gives its approval for Holcim Indias restructuring plan
To restructure its India operations, Holcim is to merge its holding firm Holcim India with its unit Ambuja Cements. The Swiss building materials major got the approval from the Foreign Investment Promotion Board (FIPB) for the merger in November. Holcim, which has majority stakes in two leading Indian cement makers, ACC and Ambuja Cements, had announced plans to consolidate operations in a cash and share deal, in a two-step process, valued at about Rs 14,500 crore. Founded in 1912, Holcim is one of the world´s leading suppliers of cement and aggregates (crushed stone, sand and gravel). They also supply ready-mix concrete and asphalt, and provide related services.