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Our Bureau

Mumbai , Oct. 14

ACC has agreed to sell 50 per cent stake in its subsidiary Everest Industries Ltd to Everest Finvest (India) Ltd for a consideration of Rs 99.16 crore.

ACC had entered into a share purchase agreement with Everest Finvest (India) for sale and transfer of a little over 74 lakh equity shares of Everest Industries, said the company in a notice to the stock exchanges.

Mr D.K. Mehrotra, Managing Director, LIC, has been appointed on the company's board. Mr O.P. Dubey and Mr R.K. Vashishtha, representatives of LIC on the ACC board, had resigned with effect from Friday, said the notice.

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