ACC-Ambuja rejig, Holcim sees big management shake-up in India operations: Reports

It’s not just the mega restructuring for Holcim’s India operations, even the top management of Ambuja Cements and ACC is set to shake-up, two independent sources with direct knowledge share that MD of Ambuja Cements Onne Van Der Weijde and that of ACC, Kuldip Kaura have offered to resign. Sources suggest that Sumit Banerjee, the former MD of ACC who had quit to join Reliance Cement is likely to re-join ACC as the MD.

As part of the restructuring plan, in July, the board of Ambuja Cements, had approved a proposal through which it would first acquire 24% stake in Holcim India from Holderind Investments Ltd, Mauritius, for Rs 3,500 crore in cash, followed by a merger of Holcim India into Ambuja. These intra-group transactions will result in Ambuja holding 50.01% stake in ACC.

Holcim’s restructuring process is underway. Minority shareholders had initially raised concerns but Ambuja won a majority when the matter was put to vote.

In a response to ET Now’s query, Ambuja Cements’ MD said, “I refute these rumours.”

ACC’s spokesperson called the information, “not factual and baseless.”