Allied Industry

Ambuja-HIPL merger effective from Friday: ACC

NEW DELHI: Cement maker ACC on Friday said the merger of Ambuja Cements and Holcim (India) Pvt Ltd (HIPL) will be effective from today.

“Scheme of Amalgamation between Ambuja Cements and HIPL and their shareholders and creditors,…which provides for the amalgamation of HIPL into Ambuja and dissolution of HIPL without winding up is effective from August 12, 2016,” it said in a BSE filing.

On the effectiveness of the Scheme, all assets of HIPL, including around 9.39 crore shares of ACC, (constituting 50.05 per cent of the paid up share capital of ACC), which were earlier held by HIPL, stand transferred to Ambuja, it added.

“Consequently, as result of Scheme, ACC has now become a subsidiary of Ambuja while the ultimate Holding Company remains unchanged being LafargeHolcim Limited (formerly known as Holcim Limited, Switzerland),” the filing said.

In view of the above, promoters of ACC are Ambuja Cements and Holderind Investments Ltd with LafargeHolcim Led (formerly known as Holcim Ltd, Switzerland) being part of the promoter group and ultimate Holding Company of ACC, it said.

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