Gets CCEA approval on 20 July 2016
Ambuja Cements announced that with reference to Scheme of Amalgamation between Holcim (India) and Ambuja Cements and their respective shareholders and creditors under Sections 391 to 394, read with Section 100 and other applicable provisions of the Companies Act, 1956 (Scheme), which was pending for the approval of the Foreign Investment Promotion Board (FIPB). FIPB on 20 May 2016 approved the Company's application and recommended the same to the Cabinet Committee on Economic Affairs (CCEA), Government of India for its consideration.The Company have now learnt from the website of the Press Information Bureau (PIB) that the CCEA at its meeting held 20 July 2016 has approved the Company's proposal for acquisition of the 24% of the equity shares of Holcim (India) and subsequent merger of HIPL with the Company.
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