ACC to have Jan-Dec fiscal, sell unit for Rs 257cr

With a view to aligning the company's operations with Holcim, the board of directors of ACC today approved a proposal to change the financial year to January 1-December 31. Accordingly, the current financial year will be for a period of nine months i.e. April 1, 2005 to December 31, 2005.

According to a release issued by ACC to the BSE today, the board also approved a proposal to exit from the refractories business.

"The board at its meeting held on July 13, 2005 has decided, subject to approval of the shareholders, to sell the refractory business to ICICI Venture Funds for a consideration of Rs 257 crore," the release added.

The release further stated that the 15 MW captive power plant at Chaibasa and augmenting of capacity at Gagal Unit I was commissioned w.e.f April 1, 2005 and May 3, 2005, respectively.

"The modernisation project at Chaibasa and augmentation of capacity at Gagal Unit II are progressing well and are expected to be completed shortly. The company has started work at Lakheri for expansion of capacity and 25 MW captive power plant," the release said.