ACC Limited
  (formerly The Associated Cement Companies Limited)
 India's First Name in Cement and Concrete  Visit

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Year 2003

  ACC Limited
  Press Releases - Archives
  2001 and earlier

December 22, 2003

IDCOL Cement Ltd becomes a subsidiary of ACC

The Associated Cement Companies Limited today signed a share purchase agreement with Industrial Development Corporation of Orissa Ltd. to acquire its entire shareholding in IDCOL Cement Limited (ICL) amounting to 86.79% of ICL's equity share capital. Earlier this month, the State's Cabinet Committee on Disinvestment had approved the sale of IDCOL Cement Ltd. to ACC as announced by the Department of Public Enterprise, Government of Orissa vide its Press Release dated 2nd December 2003.

Mr. M L Narula, Managing Director of ACC handed over bank drafts for a total consideration of Rs.176. 41 crores towards the agreed share purchase price. In addition, ACC also paid an amount of Rs.5.61 crores towards unsecured loans of IDCOL as per the agreement. With this, ICL becomes a subsidiary of ACC.

Today's share purchase agreement signing ceremony was held in the presence of Hon'ble Ministers of Public Enterprise & Industries and the Hon'ble Minister of Excise. Other senior officials of the State Government who attended the function included Principal Secretary-Industries and Secretary-Public Enterprises.

The management of ACC expressed its appreciation to the government and people of Orissa for the trust and confidence reposed in it. ACC will endeavour to nurture and strengthen ICL so that it can make its due and valuable contribution to the development and growth of housing and infrastructure in Orissa.

ACC proposes to expand the existing clinkering capacity at Bargarh by about 35 per cent. ACC also proposes to set up a captive power plant to ensure uninterrupted power supply to the unit. ACC will conduct a detailed exploration of the limestone mines so as to establish the economic viability of the reserves for substantial expansion of ICL.

ACC has a long tradition of maintaining cordial relations with its workforce as well as with its business associates such as dealers, handling agents, transporters, suppliers and other stakeholders. ACC believes in fulfilling its social obligations as a corporate citizen. Nurturing and development of human resources is a part of its philosophy. ACC is committed not to retrench any of the employees for a period of two years.

ACC has the distinction of being the number one cement company of India since its inception in 1936. Its name has become synonymous with cement. The only cement company with all India operations, ACC through its new subsidiary ICL will become one of the leading cement producers of Orissa. The total capacity of ACC will stand increased to 180 lakh tonnes per annum. ACC looks forward to working closely with the entire team of employees and associates of ICL and the Government and people of Orissa to achieve a turnaround of ICL in the shortest possible time.

( P K Sinor )
Director & Company Secretary


September 26, 2003

ACC wins Enterprise Excellence Award

The Indian Institution of Industrial Engineering have conferred the “Enterprise Excellence Award” to ACC for the year 2001-2002 in the Basic Materials Industry Group for financial and operations strength as assessed by them under five perspectives : viz. Financial Strength/Achievements, Internal Processes, Innovation and Learning and External Customer Orientation.

The Award in the form of a Certificate of Merit was presented to ACC on September 21, 2003 at the Sixth CEO’s Conference of the Institution to be held at Mussoorie. The award was conferred on ACC by the Governor of the state of Uttaranchal, His Excellency Shri Sudarshan Agarwal.

The Indian Institution of Industrial Engineering (IIIE) is a non-profit organization and a registered Society for propagating the profession of Industrial Engineering in India. It was founded in 1957 and is a Registered Public Trust under the Bombay Public Trust Act, 1950. IIIE is recognized for its dedication and contribution to the advancement of Industrial Engineering Education and practice and to the application of such scientific knowledge in India.

ACC was selected for the award out of a panel of 30 large companies in India,. The jury comprised independent and eminent personalities from the corporate sector, government and banks.

R Nand Kumar
Vice President - Marketing & Corporate Communications


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