Nod to Holcim India's restructuring plan

To restructure its India operations, Holcim is to merge its holding firm Holcim India with its unit Ambuja Cements. The Swiss building materials major on November 13 got the approval from Foreign Investment Promotion Board (FIPB) for the merger. Holcim, which has majority stakes in two leading Indian cement makers - ACC and Ambuja Cements - had announced plan in July to consolidate operations in a cash and share deal in a two-step process, valued at about Rs 14,500 crore.