In two separate regulatory filings, the listed entities, without elaborating on what the constraints were in implementing the merger, said that following the evaluation of the merger proposal by the committee, which included its board members, it has been chose to not go ahead with the scheme.
Almost a year after ACC and Ambuja Cements set up a committee of directors to explore a merger, ACC informed exchanges that they are now not pursuing merger with Ambuja Cements. The move was seen as an attempt by LafargeHolcim to consolidate its Indian business and take on UltraTech Cement - the AV Birla group firm. ACC and ACL are both part of LafargeHolcim which owns 63.56% stake in ACL and ACL owns 50.05% stake in ACC. LafargeHolcim also holds another 4.48% stake in ACC through its investment arm Holderind Investments.
UltraTech Cement has a grey cement capacity of 93 million tonnes. They will take shareholders' nod for the proposed arrangement. However, in the quarterly presentation, ACL mentioned that it is planning to set up a 3.1MTPA clinker plant at Marwar, Rajasthan. The two companies will however work to "maximise synergies" through an arrangement for the mutual purchase and sale of materials and services.
Ahead of the announcement, shares of both the companies had ended with gains of one per cent. The bank had on February 14 disclosed that unauthorised transactions worth $1.8 billion, or Rs 11,300 crore, had been carried out from its Brady House branch. During the day, it fell by 2.42% to Rs 1,623.
Sagar Cements: The company said it will to acquire 4.3 megawatt hydel power projects for Rs 26.9 crore.
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