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CCEA approves Ambuja Cement deal
By Our Special Correspondent
NEW DELHI,
MARCH 24.
The Cabinet Committee on Economic Affairs (CCEA) has approved the takeover of Ambuja Cement India by Holdcem Cements Pvt. Ltd. through a complex acquisition programme, involving a foreign direct investment inflow of $1.2 billion (Rs. 4,885 crores).
The four-stage acquisition plan involves amendment of the existing foreign collaboration arrangement through which Holdcem and Holderind Investments Ltd., in the first stage, will acquire the total paid-up share capital of Ambuja Cement.
In the second step, the two entities will contribute Rs. 810.03 crores to subscribe to the redeemable cumulative preference shares of Ambuja Cement.
Once Ambuja Cement becomes Holdcem's wholly-owned subsidiary, the Indian outfit's percentage shareholding in Associated Cement Companies (ACC) will be increased to 50.01 per cent from the existing 13.84 per cent.
In the final stage, Holdcem will acquire, through Ambuja Cement, 100 per cent of the paid-up equity share capital of Ambuja Cement Eastern.
On completion of this acquisition process, the amount of $1.2 billion will flow into the country as additional FDI.
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