Bhubaneswar
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
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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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