ACC to consider merger with Ambuja Cement

The Board of Directors of ACC, at its meeting on Friday, decided to commence an evaluation of a potential merger with Ambuja Cement. Both Indian cement concerns are part of the LafargeHolcim group.

The move is being considered "with a view to combine the strengths of both businesses so as to benefit all stakeholders," ACC said in a statement.

A special committee of directors, of which the majority are independent directors, has been installed to commence the evaluation.

"No decision to merge has been taken and our Board will decide on a merger upon receiving recommendation from the special committee and the audit committee," ACC highlighted.