Holcim-owned ACC and Ambuja Cement have received their investors’ approval for paying a ‘technology and know-how’ fee of 1% of the net sales to Holcim Technology for two years, starting 2013.
At ACC, the postal voting, conducted as an ordinary resolution was passed with 75.65% of members voting in favour of the same, while 24.30% voting against it. Meanwhile, 0.05% were invalid votes. In case of Ambuja Cement, the postal voting conducted as an ordinary resolution was passed with 71.84% of the shareholders voting in the favour of the same and 28.16% voting against it.
ACC recorded consolidated net sales of Rs 11,130.56 crore for the year ended December 31,2012 as against 10002.07 crore for the year ended December 31,2012, while Ambuja Cement's consolidated net sale figure stood at Rs 9739.54 crore for FY12. Given the 1% fee would be payable for the current year, Holcim Technology will now receive a payment of Rs 111.30 crore from ACC and Rs 97.39 crore from Ambuja Cement.