Ambuja Cements starts exploring possible merger with ACC Ltd
Mumbai, May 5 (IANS) Ambuja Cements Ltd, a part of the global conglomerate LafargeHolcim, on Friday said it is exploring the possibility of a merger with ACC Ltd.
“The board of directors of the company at its meeting held today (Friday) initiated a study to explore the possibility of a merger between the company and ACC Ltd, which could enable both the companies to combine their strengths of business so as to benefit all the stakeholders,” it said in a statement.
The cement manufacturer further said the Board constituted a special committee of directors with majority of independent directors to consider the matter further.
It also clarified that no decision to merge has been taken at this stage. “..the same (possibility of merger) will be considered by the board once a recommendation is received from the special committee of directors and the audit committee,” it added.