Anil Singhvi moves in as ACC director

The Associated Cement Companies (ACC) today appointed Anil Singhvi (pictured), managing director of Gujarat Ambuja Cement (GACL), as a director.

In a statement to the Bombay Stock Exchange, the company has also appointed Shailesh Haribhakti, managing partner, Haribhakti & Company Chartered Accountants, as another director.

The move follows resignation of Tarun Das as the chairman of GACL last month. Das was succeeded by Narotam S Sekhsaria, vice-chairman of GACL. Paul Hugentobler, member of executive committee of Holcim, was appointed as deputy chairman of the company.

The Swiss cement company Holcim got a foothold in ACC last year. Now, Gujarat Ambuja holds one-third stake in ACC.

Holcim had bought 14.8 per cent stake from the promoters of GACL for Rs 2,100 crore. Subsequently, whole-time director Singhvi took over as managing director from Narotam Sekhsaria. Holcim's Hugentobler, along with two other colleagues joined the GACL board.

Now with Singhvi on ACC's board, industry experts opine that there will a better synergy between the two companies. Both have a combine capacity of 35 million tonne per annum, which is expected to hit the 40 million tonne per annum mark within three years.