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| Exchange Disseminated Time 04/08/2016 14:12:24 | With referece to the earlier letter dated July 21, 2016 conveying the Company's learning from the website of the Press Information Bureau (PIB) that the Cabinet Committee on Economic Affairs (CCEA), Government of India has approved the Company’s proposal for the acquisition of the 24% of Equity Shares of HIPL and subsequent Merger of HIPL with the Company (the "Transaction”).
Ambuja Cements Ltd has now informed BSE that the Foreign Investment Promotion Board (FIPB) vide its letter dated August 01, 2016 has conveyed its approval for the aforesaid Acquisition of HIPL’s Equity Shares and subsequent Merger of HIPL with the Company.
The Board of Directors at its meeting held on August 04, 2016 took note of the satisfaction of all conditions precedent to, and confirmed the steps for, completion of the Transaction. |
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