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Company Information

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28 October 2016 | 06:53

Industry >> Cement

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ISIN No INE012A01025 52Week High 1736 Book Value (Rs.) 448.43 Face Value 10.00
Bookclosure 03/08/2016 52Week Low 1174 EPS 31.29 P/E 48.47
Market Cap. 28481.69 Cr. P/BV 3.38 Div Yield (%) 1.12 Market Lot 1.00

History of Company

The company history sections lists out major chronological events that happened to the company.

- The Company was Incorporated at Mumbai. The Company manufacture cement, refractories and cement plant and other heavy machinery including structural and mild fabrications. The Company undertook revamping of the Kymore unit for production of high value refractory intermediates. ACC, is India's oldest and largest cement company, belonging to the Tata group.

- 6,03,200 No. of equity shares issued for consideration other than cash.


- In January, the Company in association with Vickers Ltd., and Babcock & Wilcox Ltd., formed a new company called ACC-Vickers-Babcock & Wilcox Ltd., formed a new company called ACC-Vickers-Babcock Ltd.


- On 12th March, two agreements were signed between the Government of West Pakistan and the Company for the sale of all the immovable properties of the Company at Wah and Rohri in Pakistan to the Government of Pakistan. According to these agreements, a total consideration of Rs 3.26 crores was payable by the Government of West Pakistan to the Company in seven annual instalments along with interest due.

- The Government of West Pakistan caused the Mumbai Branch of the First National City Bank to furnish an irrevocable and without recourse guarantee to the Company.

- 4,74,731 Right Equity shares issued at par in the prop. 1:5.


- The Company owned two collieries, one at Nowrazabad and the other at Kotma, both in M.P. Both the Collieries were taken over by Government with effect from 1st May, under the provisions of the coal Mines (Nationalisation) Act, 1973.


- With the acquisition of 2,86,000 shares during the year, AVB became a subsidiary of the Company.


- The Company received intimation that the Commissioner of Payments had authorised a provisional payment of Rs 61.01 lakhs out of which a sum of Rs 6 lakhs was kept aside towards claims of the third parties which were pending in appeals.

- 4,74,731 Bonus shares issued in prop. 1:6.


- The Company entered the field of chemical engineering as process consultant and secured orders as well as turnkey contracts. The provisional payment of Rs 60.01 lakhs was received.


- The name of this subsidiary was changed to ACC-Babcock Ltd., consequent upon the disinvestment of the shareholding of Vickers Ltd., U.K., in the Company.


- The Company also received a communication in April, from the State Cement Corporation of Pakistan Ltd. (SCCPL), informing the Company that they do not accept the judgement of the Mumbai High Court as final and binding and as alleged successors-in-title they intend to proceed for arbitration in the matter of settlement of Company's sale price for its undertaking in Pakistan.


- A Collaboration agreement was finalised with Licensintorg of Moscow, U.S.S.R. for acquisition of `low temperature' technology for savings in fuel consumption, increase in production capacity and improvement in the whiteness index in the manufacture of white cement.

- 6,64,623 Bonus Equity shares issued in prop. 1:5.


- 80,882 No. of Equity shares issued to financial institution in conversion of loans/debs. and another 16.175 shares allotted to them as bonus shares in respect of those shares.


- During October, the Company issued 20,42,399 - 12.5% debentures of Rs 125 ech to shareholders on rights basis in the proportion 1 debenture: 2 equity shares. Of these, 14,94,931 debentures were taken up. The unsubscribed portion of 5,47,468 debentures were not allotted and the issue was treated as closed.

- Another 1,02,120 - 12.5% debentures of Rs 125 each were offered to the employees (including Indian working directors) of the Company on an equitable basis. Only 15,776 debentures were taken up. The unsubscribed portion of 86,344 debentures was allowed to lapse.


- The entire face value of each debenture was compulsorily and automatically converted into 1 equity shares of Rs 100 each at a premium of Rs 25 per share as at 1st June. 15,10,707 No. of equity shares were issued on 1st June, by virtue of this conversion.


- As per the agreement signed on December 16th, the four loss making plants viz., Shahabad (Karnataka), Lalani (Bihar), Kistna (AP) and Porbandar (Gujarat), were sold and handed over to the purchases in a phased manner between the period December 1989 and February 1990.

- The Company undertook to set up a project for the use of 100% lignite at Madukkarai Works in technical assistance with M/s. Rheinbraun Engineering of W. Germany.

- The Company also assisted the plant suppliers in commissioning and other activities preceding the take over of the management operation and maintenance of the one million TPA cement plant at A1-Qaim.

- A Memorandum of Understanding was signed with M/s. Nihon Cement Company, Japan for offering joint services in process engineering and productivity services, erection and construction, geological, environment and mining etc.


- Production of grey cement at 74 lakh tonnes was almost same as in the previous year, that of refractory products stood lower at 31,742 tonnes due to a 4 months strike at the Katni plant.

- The coal washing at the Kymore cement works was machanically completed and was commissioned in 1991-92.

- The products developed in-house were dark colour portland slag cement, CASAL - non portland cement for concrete repairs, `Shrinkkump-40', a new grouting formulation with rapid hardening properties CALAL-65 a new calcium aluminate cement for refractory application and Low Cement Castable - a new generation refractory material.


- The Company entered into an agreement with Refractechnik, Germany for manufacture of high quality bricks for the cement industry. Also an additional turbine of 25 MW capacity was being installed at the existing 25 MW captive power plant at Wadi works.

- The Company undertook to set up a synthetic ferric oxide plant of 10,000 tonnes per annum capacity at Falta in West Bengal at an estimated cost of Rs 24 crores.

- The Company entered into a joint venture agreement with Nihon Cement Co. Ltd., Japan, pursuant to which a new company viz., Acc-Nihon Castings Ltd. (ANCL) was incorporated for manufacture of high quality alloy steel castings.


- A technological collaboration agreement was entered into with International Steel Services Inc. USA for supplying IROX-NKK technology for setting up the Company's 10,000 TPA high purity synthetic ferric oxide plant at Falta in West Bengal.

- One of the rotary kilns at Sindri Works was converted to slag drier and new auxillary equipment installed to enable during of wet slag received from steel plants for manufacture of portland blast furnace slag cement.

- Also seven large electrostatic precipitators were installed completing the programme for providing individual ESP's to all the 27 kiln operated by the Company.

- In addition, the Company proposed to acquire a significant equity stake in Webel Electro Ceramics Ltd., in Kalyani, West Bengal. It had set up a modern plant for the manufacture of soft ferrites.

- The Company along with TELCO, and Tata Exports Ltd., signed a joint venture agreement with Asahi Glass Co. Ltd., Japan for participating in the equity of Floatglass India Ltd., for manufacture of float glass at Taloja, Maharashtra.

- An integrated pilot plant was set up for a new generation of refractories.

- 22,38,202 Bonus Equity shares issued in November in prop. 2:5.


- The Company undertook to instal additional power plant of 25 MW capacity at Wadi works.

- Advanced research work was carried on in the field of chemically bonded ceramics in collaboration with materials research laboratory of the Pennsylvania State University, USA.

- The Company entered into a joint venture agreement with Aluminium Company of America (ALCOA) USA. The joint venture company Alcoa-Acc Industrial Chemicals Ltd., is to set up a 10,000 TPA capacity plant at Falta in W. Bengal.

- A MOU was signed in the Fars Khuzistan Cement Co., Iran for a joint venture company to be set up in Iran for providing engineering and consultancy services in governmental and specifically in the areas of process dignostics productivity optimization, plant upgradation etc.


- The Company signed a MOU for management, operation and maintenance of the existing 1.2 million TPA cement plant at Yanbu for a period of 3 years commencing from March 1996, with Yanbu cement company.

- The Company proposed to undertake major modernisation programme of its old unit at Lakheri & Kymore by adopting dry process technology at a total estimated cost of Rs 123 crores.


- The new 1.2 MTPA clinkering unit at Kymore and the cement grinding, packing and loading plant at Kymore was modernized and made operational.

- The surplus clinker from Kymore would be supplied to a new grinding unit to be set up in Uttar Pradesh and the balance to Sindri Works, where the grinding, packing and loading capacity was under expansion from 0.3 MTPA to 0.6 MTPA.

- Operation of the Cement plant unit at Bandra-Kurla Complex was expanded. A second unit was commissioned at Kalamboli to supply ready mixed concrete in the Navi Mumbai area. The third RMC plant was commissioned at Bangalore to facilitate the supply of quality concrete to the expanding construction activities in the city.

- The Company signed a joint venture agreement with Bridgestone Corporation, Japan, for setting up a plant near Indore in Madhya Pradesh for manufacture of internationally renowned Bridgestone brand of all steel radial tyres for motor vehicles.

- Approvals were received for issue of equity shares and/or equity related instruments for a Euro issue of upto US $ 100 million. Approval was received for issue of upto 5,00,000 warrants to certain Tata Companies.

- Cement Marketing Co. of India Ltd., Associated Tyre Machinery Co. Ltd. and ACC Nihon Castings, Ltd. are subsidiaries of the Company.

- 7,29,565 Rights shares issued (Prop. 1:10; Prem. Rs 39.00).


- The company was awarded another contract for management operation and maintenance of a new two MTPA cement plant at Saudi Arabia.

- The Company proposed to set up a new cement plant at Wadi with an initial capacity of 2 MTPA.

- The Company's new unit at Nagpur for manufacture of monolithic refractories was partly commissioned. New products under licence from M/s. Intoeast of Germany were produced for the first time at Nagpur.

- The Company also offered consultancy services in respect to design and drawings for the construction of cement plants, refractory linings and technical know-how in prospecting work.

- 51,37,971 bonus equity shares issued in prop. 3:5.


- A memorandum of understanding (MoU) was signed to facilitate the new venture by KPCL managing director K Jairaj and his ACC counterpart T M M Nambiar in the presence of Karnataka Chief Minister J H Patel.

- The Associated Cement Companies (ACC) has set up a modern pre-grinding unit based on the vertical pre-grinder technology at its plant in Chanda, Maharashtra. The pre-grinder, set up for the first time in the country, has been developed by ACC Machinery Company Ltd (AMCL), a 100-per cent subsidiary company.

- ACC's Wadi plant in Karnataka is installing a single kiln with a capacity of 10,000 tonnes per day (tpd).

- The Associated Cement Companies (ACC) will enter the syndicated debt market shortly with a seven-year floating rate paper of Rs.100-crore with the coupon pegged at three to 3.5 percentage points above the bank rate of nine per cent. The paper will have a put-and-call option after five years.


- The modernisation project at Sindri was commissioned during April and the new portland pozzolana cement grinding unit of 0.6 MTPA capacity at Tikaria in U.P. was under implementation.

- ST-BSES, the coal washing joint venture between BSES Ltd, Spectrum Technologies and CLI Corporation of USA, has signed up with the cement major ACC Ltd to sell washed coal.

- ACC and Ebara Corporation of Japan have signed an MoU for joint implementation of environment-related projects in India.

- ACC Ltd has bagged the Ficci award for adopting innovative measures for pollution control, waste management and conservation of mineral resources in mines and cement plants in Himachal Pradesh. The award is for the Gagal cement unit, which has also received the ISO 14000 certification from the Bureau of Indian Standards.

- ACC made a preferential offer of naked warrants/equity shares to the promoter group at an exercise price of Rs. 110 per share. - ACC made a rights offer of equity at a price of Rs. 55 per share, and subdivide the face value of shares of Rs. 100 each to Rs. 10 each have stirred a hornet's nest.


- In Jan. 1999, the company came out with the rights issue of equity shares of Rs 10 each at a premium of Rs 45 per equity shares in ratio of 1:4 to raise funds for capital expenditure on modernisation/expansion of existing plants and creation of new capacity at wadi. Also, in Nov. 1999, it commenced commercial production of captive power plants with capacity of 25 MW each at Jamul and Kymore.

- ACC's objective is to increase its cement capacity by approximately three million tonnes per annum over the next two years.

- Of the 14,31,022 scam-tainted shares, which constitute 10.4 per cent of the total equity, 6,76,731 shares are held in the name of notified parties - of which the Harshad Mehta group's holding adds up to 6,23,345 shares. Benami shares, allegedly held by Harshad Mehta, amount to 6,50,356 shares, while unregistered shares amount to 1,03,935 shares.

- The ACC has set up an internal committee to "review" investments in subsidiaries and associate companies.

- Shares of cement major ACC Ltd shot up by Rs 100 to Rs 1,450 after the market was abuzz with unconfirmed reports that French cement major Lafarge had appointed an investment bank to negotiate a buyout of financial institutions' stake in the Tata group cement company.

- The Rs 2,500-crore ACC plans to double capacity at its Wadi, Gulbarga plant from the present two million tonnes to four million.

- ACC Ltd will offer ready-to-use value-added products in a year's time. The `Suraksha' brand was launched a year ago in the Konkan region and has features which make it a durable cement for the coastal belt.

- The ACC has taken up capital expenditure programme amounting to Rs 750 crore for modernisation-cum-expansion of the existing plants and the creation of new capacity additions at Wadi or through acquisitions.

- ACC is making a rights offer to part-finance its expansion/modernisation programme at its existing plants, and set up a new unit at Wadi.

2000 - Tata group has exited from the company by divesting their 14% equity stake in favour of Gujarat Ambuja group. Notably, Gujarat Ambuja group is the most efficient and aggressive cement group in India. The disinvestment was done in phases at Rs 370 per sahre. ACC has completed the modernization and expansion of the Chanda and Madukkarai cement plants for increasing their capacities to around 1 MTPA each. These plants started production from 1 September 2000 and 1 October 2000 respectively. The de-bottlenecking at Chanda, Gagal and Madukarrai plants have added 1 MT to ACC's installed capacity.

- During the quarter ended Mar. 2001, the company commissioned its new Wadi plant of 2.6 MTPA, which is the largest kiln in the country. With the commissioning of this plant, ACC's installed capacity of cement is the highest in the industry at 15.3 million tonnes. Also, the construction of a 15-MW thermal power plant at Chanda Cement Works is progressing satisfactorily and will be completed as per schedule. ACC also plans to have a similar power plant of 15 MW at Madukkarai. ACC has decided to put on hold its plans to set up five new ready mix concrete (RMC) plants. Instead, it has decided to consolidate the existing 13 RMC units and to go in for a capacity expansion of these operational units. The company, along with the Tatas, has decided to exit from the ailing business at Floatglass India. ACC holds around 13% stake in that company. Asahi Glass of Japan, a co-promoter and the single largest stakeholder, has agreed to buy their stakes. The sale of the equity stake, stake in preference capital as well as non-compete fee will fetch Rs 19.9 crore to ACC. - The Company has turned down a proposal from the Gujarat Ambuja nominees on its board to set up its own diesel generating sets for the expended capacity at Wadi, Karnataka, instead of sourcing power from the Tata Electric Companies.

- The Company has suspended operations at one of its smaller cement works at Mancherial, which has a capacity of about 330,000 tonnes. The suspension is due to non-availability of lime-stone.

- ACC is likely to set up a 1-million tonne per annum cement plant in Bellary.

- The Company proposes to exit from its non-core businesses.


- ACC Ltd has informed that 18300 shares have been allotted to the permanent employees of the company including employees retired during the FY 2001-02. The company has received from applicants the issue price of Rs.108/- per share in full for 18300 shares allotted on December 31, 2001.

- The ACC .Mr. T.M M Nambiar has been re-appointed as Managing Director for a further period from June 01, 2002 to November 30, 2002 on the existing terms and conditions.

2. M L Narula, Wholetime Director, is redesignated as Chief Operating Officer. In addition to his current responsibilities of being incharge of the Cement Business, Mr. Narula will be also directly supervise the Human Resources and Finance functions. He will continue to report to the Managing Director.

3. Mr. A K Jain, President-Marketing has been inducted on the Board in the casual vacancy of Dr AK Chatterjee and appointed Wholetime Director for a period of three years with effect from January 25, 2002.


- Associated Cement Companies Ltd has informed that Mr P J Jagus has resigned from the Board of Directors of the company wef January 25, 2002 after a long and fruitful association of 55 years with ACC. The Board has at its meeting held on January 25, 2002 appointed Mr S M Palia as a Director in the Casual vacancy. - In Feb. 2002, consequent upon the transfer of shares from Etex Group to the company, Eternit Everest has become a subsidiary of the company w.e.f. 12.02.02. The company now holds 76.01% of the total equity shares of Eternit Everest Ltd.

-ACC re-appoints P K Sinor as Wholetime Director.

-Associated Cement Companies Ltd has informed that pursuant to the resolution passed by circular dated June 10, 2002, by the Shareholders/Investors Grievance Committee, 12100 shares were allotted against exercise of Stock Options granted to employees under the Employees Stock Option Plan 2000.Consequently the paid up share capital of the Company has increased from 1,70,811,885 shares as on May 16, 2002 to 1,70,823,985 shares of Rs 10/- each as of date.

-Associated Cement Companies Ltd has informed that a share purchase and transfer agreement has been executed between ACC and EPCOS AG, Germany, for sale of 1,52,18,098 equity shares of the face value of Rs 10 each held by ACC in International Ferrites Ltd (IFL) to EPCOS AG, Germany. This constitutes the sale of ACC's entire shareholding in IFL amounting to about 35% of IFLs share capital.

-ACC divests its entire holding in GRUH Finance in favour of HDFC.

-T M M Nambiar retires as Managing Director of ACC wef December 01, 2002.

-Chairman Emeritus Mr N A Palkhivala expires

-Singapore Investment Corp increases its stake in ACC up to 5.04%

-Divests 500,000 shares of Tata Industries

-Stops its agrotech and mining operations

-Appoints Mr. M L Narula as managing director in place of Mr. T M M Nambiar

-Receives full consideration for sale of equity shares in International Ferrites

-Wins PHDCCI Good Corporate Citizen Award for the year 2002

-LIC holds 14.31% stake in the company


-Govt. of Singapore cuts down its holding in the company from 4.23% to 2.96%

-Sells 19.5% stake in Bridgestone ACC India to Bridgestone Corporation, Japan for Rs 50 crore

-Increases stake in its subsidiary Eternit Everest India from 26 per cent to 76 per cent by acquiring the shareholding of Belgium-based Etex group. The name of Eternit Everest India rechristened Everest Industries Ltd.

-Bids for Idcol Cement of Industrial Development Corporation of Orissa (Idcol), where the Government of Orissa hold 87% and remaining owned by UTI

-Special court decides not to auction ACC shares held by Harshad Mehta

-Foreign Institutional Investors (FII) increase holding in the company from 18% to 22% in two months

-ACC on December 22, 2003 has signed a share purchase agreement with Industrial Development Corporation of Orissa Ltd to acquire its entire shareholding in IDCOL Cement Ltd (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.


-Associated Ceramics Ltd has informed that at the meeting of the BoD held on January 31, 2004, the Board approved voluntary delisting of shares from Calcutta Stock Exchange Association Ltd and Hyderabad Stock Exchange Ltd.

-launches $100m GDR, FCCBs

-ties up with UTI MF to buy out their entire 13.3 per cent shareholding in Bargarh Cement (formerly Idcol Cement) for a total consideration of Rs 26.85 crore.

-Associated Cement Companies (ACC) has purchased 13.21 per cent stake in Bargarh Cement Ltd from Unit Trust of India. ACC bought 3.5 crore shares of the nominal value of Rs 10 each in the company, for a consideration of Rs 26.85 crore. With this, Bargarh Cement becomes a 100 per cent subsidiary of ACC.

-Citigroup purchases 8.06 lakh GDRs of ACC

- ACC Ltd appoints Naresh and Varshitha as Addl Directors

-Delist from Cochin Stock Exchange

-Delist from Delhi Stock Exchange with effect from October 13, 2004.

-ACC enters into BTA with ACE Refractories


-ACC receives the CFBP Jamnalal Bajaj Uchit Vyavahar Puraskar Certificate of Merit - 2004 from Council For Fair Business Practices.

- Holcim group of Switzerland enters strategic alliance with Ambuja Group by acquiring a majority stake in Ambuja Cements India Ltd. (ACIL) which at the time held 13.8 % of the total equity shares in ACC. Holcim simultaneously makes an open offer to ACC shareholders, through Holdcem Cement Pvt. Limited and ACIL, to acquire a majority shareholding in ACC. Pursuant to the open offer, ACIL's shareholding in ACC increases to 34.69 % of the Equity share capital of ACC. - Commissioning of Modernisation and Expansion project at Chaibasa in Jharkhand, replacing old wet process technology with a new 1.2 MTPA clinkering unit, together with a captive power plant of 15 MW.

- Financial accounting year of the company changed to calendar year January-December


-Subsidiary companies Damodhar Cement & Slag Limited, Bargarh Cement Limited and Tarmac (India) Limited merged with ACC

- ACC announces new Workplace policy for HIV/AIDS

- Change of name to ACC Limited with effect from September 1, 2006 from The Associated Cement Companies Limited.

- ACC receives Good Corporate Citizen Award 2005-06 from Bombay Chamber of Commerce and Industry

- New corporate brand identity and logo adopted from October 15, 2006

- ACC establishes Anti Retroviral Treatment Centre for HIV/AIDS patients at Wadi in Karnataka- the first ever such project by a private sector company in India.

-Company has changed its name from Associated Cement Companies Ltd. to ACC Ltd.                                                                   
- ACC partners with Christian Medical College for treatment of HIV/AIDS in Tamil Nadu 
- Sumant Moolgaokar Technical Institute completes 50 years and reopens with new curriculum 2008

-Ready mixed concrete business hived off to a new subsidiary called ACC Concrete Limited.

-ACC Cement Technology Institute formally inaugurated at Jamul on July 7.

-First Sustainable Development Report released on June 5.

- ACC wins CNBC-TV18 India Business Leader Award in the category India Corporate Citizen of the year 2008

- Project Orchid launched to transform our Corporate Office, Cement House into a green building.

2009 - ACC received the Jamanalal Bajaj "Uchit Vyavahar Puraskar" of Council for Fair Business Practices

- ACC is allotted coal blocks in Madhya Pradesh and West Bengal.

- ACC's new Grinding plant of capacity 1.60 million tonnes inaugurated at Thondebhavi in Karnataka.

2010 - Kudithini Cement Grinding Plant inaugurated in Karnataka on January 4, 2010 with a capacity of 1.1 MTPA of Portland Slag Cement.

- ACC acquires 100 percent of the financial equity of Encore Cements & Additives Private Limited which is a slag grinding plant in Vishakhapatnam in coastal Andhra Pradesh. This company became a wholly-owned subsidiary of ACC in January 2010.

- ACC enters its platinum jubilee year - the first company in the cement industry to achieve this status

- ACC receives FICCI Award for Outstanding Corporate Vision Triple Impact Business Performance Social & Environmental Action & Globalisation for 2009-10 - a unique award received for the first time

2011 -World's largest kiln installed at ACC Cement Plant, Wadi, Karnataka with a capacity of 12,500 tonnes per day creating new landmarks for cement industry

- Central Control Room Building at ACC Chanda Plant, Maharashtra set up as a Green building, the first of its kind in an industrial environment

- ACC Secretarial & Share processes received ISO 9001 - 2008 Certification

2012 -ACC launches M-100 grade concrete especially designed for the construction of high intensity towers

-Amalgamation of two subsidiary companies ACC Concrete and Encore Cement & Additives with ACC Limited

2013 - Board recommended a Final Dividend of Rs. 19 per equity share.

-ACC launches its first Waste Heat Recovery System (WHRS) at Gagal in January 2014, marking an important step in energy conservation. The WHRS harnesses waste heat from exhaust gases discharged in manufacturing and converts it into useful electrical energy.

-ACC wins CII-ITC Sustainability Prize, the highest honour awarded by CII ITC for 2013, as one of India's Most Sustainable Companies.

2014 - Board recommended a Final Dividend of Rs. 19 per equity sahre. -ACC launches a new cement blending unit in Padubidri village, Udupi district, Karnataka with a blending capacity of 30,000 tonnes per month of Portland Pozzolana Cement (PPC).

2015 -ACC Ltd wins Gold Shield at the ICAI Awards for Excellence in Financial Reporting 2013-2014 -ACC Ltd has restarted limestone mining at Bargarh in Odisha -ACC has been recognized for Corporate Excellence wih the prestigious CII-ITC Sustainability Award 2015