ACC (company) explained

ACC Limited
Logo Alt:Each letter of "ACC" is colored in red.
Trading Name:ACC
Former Name:The Associated Cement Companies Limited (1936–2006)
Type:Public
Traded As:
Hq Location:Mumbai, Maharashtra, India
Industry:Building materials
Products:Cement
Revenue: (2024)[1]
Operating Income: (2024)
Net Income: (2024)
Assets: (2024)
Equity: (2024)
Owner:Adani Group (56.69%)
Num Employees:3,884 (2024)
Parent:Adani Group

ACC Limited (Formerly The Associated Cement Companies Limited) is 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.[2]

History

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:[3]

The management control of the company was taken over by Swiss cement manufacturer Holcim Group in 2004. ACC operated as a subsidiary of Lafarge Holcim.[4] 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.[5]

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.[6]

See also

Notes and References

  1. Web site: ACC Ltd. Financial Statemenrs . bse.com.
  2. News: ACC Ltd.. Business Standard India. 2021-06-07.
  3. Book: Pry Paul. The Bombay Investors Year Book (1940). 1940.
  4. News: Naidu . Rajesh . Vyas . Jwalit . 2017-05-10 . LafargeHolcim lays ground for merger of ACC and Ambuja, gets closer to rival UltraTech . The Economic Times . 2018-09-07.
  5. News: ACC pockets Superbrand status. 4 October 2004. The Economic Times. 17 March 2012 . https://web.archive.org/web/20170630173728/http://economictimes.indiatimes.com/acc-pockets-superbrand-status/articleshow/872860.CMS . 30 June 2017.
  6. News: 2022-05-15 . Adani to become India's second-biggest cement maker with $10.5 billion Holcim deal . en . Reuters . 2022-05-16.