Holcim may have won minority shareholder support for its restructuring plans in India on strong backing from foreign institutional investors (FII) who control just over 30 per cent of its subsidiary, Ambuja Cements.

According to analysts, the FII includes some 359 foreign portfolio investors, which is expected to be sufficient to overcome opposition from domestic institutional investors including LIC, the largest institutional shareholder with a 6.1 per cent stake.

But state-owned insurer LIC as well as reinsurer General Insurance Corporation of India and four of its subsidiaries are likely to have voted against the proposal, on the grounds that the deal is against the interests of minority shareholders. Together these state-owned insurance companies own 8.95 per cent in the company.