ACC (company)

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ACC Limited
TypePublic
BSE500410
NSEACC
IndustryBuilding materials
Founded1 August 1936; 86 years ago (1936-08-01)
HeadquartersMumbai, Maharashtra, India
Key people
ProductsCement
RevenueIncrease 15,975 crore (US$2.0 billion) (2020)[2]
Decrease 2,124 crore (US$270 million) (2020)[2]
Decrease 1,363 crore (US$170 million) (2020)[2]
Total assetsIncrease 17,135 crore (US$2.1 billion) (2020)[2]
Total equityIncrease 11,355 crore (US$1.4 billion) (2020)[2]
Number of employees
6,643 (2020)[2]
ParentAdani Group
Websitewww.acclimited.com

ACC Limited (Formerly The Associated Cement Companies Limited) an Indian cement producer, headquartered in Mumbai. It is a subsidiary of Ambuja Cements and a part of the Adani Group. On 1 September 2006, the name of The Associated Cement Companies Limited was changed to ACC Limited. The company was established in Mumbai, Maharashtra on 1 August 1936.[3]

History[edit]

In 1936, eleven cement companies belonging to Tata, Khatau, Killick Nixon and FE Dinshaw groups merged to form a single entity, The Associated Cement Companies. Sir Nowroji B Saklatvala was the first chairman of ACC. The first board of directors had some prominent industrialists—J R D Tata, Ambalal Sarabhai, Walchand Hirachand, Dharamsey Khatau, Sir Akbar Hydari, Nawab Salar Jung Bahadur and Sir Homy Mody.

The list of companies that were merged:[4]

  • The Indian Cement Co. Ltd.
  • The Katni Cement and Industrial Co. Ltd.
  • Budhi Portland Cement Ltd.
  • The Okha Cement Co. Ltd.
  • The Gwalior Cement Company Ltd.
  • The Punjab Portland Cement
  • The United Cement Co. Ltd.
  • The Shahabad Cement Co. Ltd.
  • The Coimbatore Cement
  • The Dewarkhand Cement Co. Ltd.
  • The C. P. Cement Co. Ltd.
The Gagal Cement Works of ACC Limited at Barmana, Himachal Pradesh.

The management control of company was taken over by Swiss cement manufacturer Holcim Group in 2004. ACC operated as subsidiary of Lafarge Holcim.[5] On 1 September 2006, the name of The Associated Cement Companies Limited was changed to ACC Limited. The company is the only cement company to get Superbrand status in India.[6]

On 14 April 2022, Holcim announced that it would exit from the Indian market after 17 years of operations as part of a strategy to focus on core markets, and listed its stakes in ACC and Ambuja Cements for sale.

On 15 May 2022, Adani Group acquired Holcim's stake in ACC and Ambuja Cements for US$10.5 billion.[7]

References[edit]

  1. ^ "Neeraj Akhoury assumes charge as ACC's MD & CEO". Forbes India. Retrieved 7 September 2018.
  2. ^ a b c d e f "ACC Ltd. Financial Statements". moneycontrol.com.
  3. ^ "ACC Ltd". Business Standard India. Retrieved 7 June 2021.
  4. ^ Pry Paul (1940). The Bombay Investors Year Book (1940).
  5. ^ Naidu, Rajesh; Vyas, Jwalit (10 May 2017). "LafargeHolcim lays ground for merger of ACC and Ambuja, gets closer to rival UltraTech". The Economic Times. Retrieved 7 September 2018.
  6. ^ "ACC pockets Superbrand status". The Economic Times. 4 October 2004. Archived from the original on 30 June 2017. Retrieved 17 March 2012.
  7. ^ Reuters (15 May 2022). "Adani to become India's second-biggest cement maker with $10.5 billion Holcim deal". Reuters. Retrieved 16 May 2022.

External links[edit]