Graphic: Paras Jain/MintMumbai: ACC Ltd and Ambuja Cements Ltd, both controlled by LafargeHolcim Ltd, said they were putting on hold their proposed merger, citing constraints related to transfer of mines under current laws. A special committee, comprising largely of independent directors, was formed to begin the evaluation, ACC and Ambuja Cements had said. “The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective,” ACC added in the filing. However, with ACC management maintaining merger as the ultimate objective, we will be revisiting the script again,” Natarajan said. With cement demand across the country yet to recover, smaller companies have been forced to find refuge with their larger rivals.

Source: Mint February 26, 2018 16:36 UTC