Mumbai, Feb. 17
ASSOCIATED Cement Companies Ltd (ACC) on Friday appointed Mr Anil Singhvi, Managing Director, Gujarat Ambuja Cements Ltd, as a Director.
The appointment is seen as another step in the consolidation process of its business in India by the Swiss cement major Holcim which is the single largest shareholder in both the companies.
Holcim, which acquired 14.8 per cent stake in Gujarat Ambuja last month and will be making an open offer for another 20 per cent, holds about 35 per cent stake in ACC through Ambuja Cement India Ltd.
ACC also appointed Mr Shilesh Haribhakti, a leading chartered accountant, as a director.