| Decision on fresh investment of Rs 1,600 crore to set up two greenfield cement plants has been kept on hold by the original promoters in view of the Holcim deal and a final view would be taken only after the representatives of the Zurich-based cement giant are taken on the board, sources said. |
| Suresh Neotia and Narottam Sekhsaria (promoters of Gujarat Ambuja), who sold their 14.8 per cent stake to Holcim for Rs 2,100 crore earlier this month, would continue to be chairman and vice-chairman, they said. |
| Investment decision based on the detailed project report, which was completed before the takeover, would be taken by the new look board after successful execution of the Swiss cement company's open offer consequent to the Sebi approval. |
| The whole exercise of open offer is expected to be over by April this year when Holcim would be actually calling shots at the board, they added. |
| Sources also said the promoters would continue with their 8.8 per cent holding and uphold interests of all stakeholders, including stockists and employees, under the new arrangement. |
| In the 10-member restructured board, Holcim will have three directors while two directors "" Sekhsaria and Neotia "" will represent promoters' family. The rest will be independent directors. |
| Along with the decision to sell 20 crore promoters' shares to Holcim, GACL also decided to hive off its hotel division in favour of the Kolkata-based Neotia family. |
| The hotel business of GACL had a equity base of Rs 10-12 crore with assets base of Rs 65 crore. |
| Harshvardhan will look after the hived-off hotel business along with the real estate ventures in eastern India. |
| On valuation of $200-212 a tonne capacity for 13-million tonne domestic cement giant, sources said, such kind of valuation excludes the company's Rs 2,000 crore logistical base, besides value of the Ambuja brand. |
| GACL owns 11 ships, three jetties and one port, which are not factored in the $200-a tonne capacity valuation. |
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