Holicm Eyes 50 percent Stake in ACC

摘要

Holicm has a grand plan, and wants to hike its stake in ACC to more than 50 percnet. Holcim's share capital in ACEL will make it easier for it to hike its presence in ACC, but this may not be imminent. The Holcim controlled ACIL's open offer for ACEL is currently pending with the Securities & Exchange Board of India (Sebi, and Holcim would push for the merger only after it completes the open offer for ACEL. ACIL, the vehicle through which Holcim made the open offer for ACC, is 67 percent owned by the Swiss firm, while the balance 33 percent is owned by Gujarat Ambuja Cements, the country's fourth largest cement producer. Holcim says that there are no immediate plans for a merger between ACC and ACEL. "We are still in the process of completing the acquisition of ACC stock tendered under the open offer. As such it is premature to discuss future options for increasing stake in ACC," Holcim spokesperson Ronald Walker said in an e-mail response from Zurich.