Vol. 5 Num 295 Sat. March 26, 2005  

Holcim to acquire India’s Ambuja Cement

The Cabinet Committee on Economic Affairs (CCEA) of India yesterday gave its nod to Holcim Cements to acquire cent per cent equity in Ambuja cement India that would fetch foreign investment up to $1.2 billion.

In its meeting, the CCEA approved Holderind Investments' proposal for amending the existing FC approval to permit FDI up to $1.2 billion.

The investment would be made by way of acquiring 100 per cent of the total paid-up share capital of Ambuja Cement by contributing Rs 812 crore to subscribe to redeemable cumulative preference shares of Ambuja Cement India.

It also approved Rs 384.53 crore for computerisation of district and subordinate courts in a phase manner as a 100 per cent centrally funded scheme in the next three years.

A total of 3,475 district and subordinate courts in the states and Union Territories will be computerised in the current fiscal while the remaining 9,873 districts and subordinate courts will be computerised in the subsequent two years before the closing of the financial year 2006-07.

The CCEA also approved some other proposals.