 "cement, ACC, Ambuja cement")
Adani Cement has exited the industry lobby group, Cement Manufacturers' Association (CMA), The Economic Times (ET) reports. CMA is a body that represents all large cement companies in the country. The news assumes significance because Adani Cement is a company that owns popular brands like Ambuja Cement and ACC Cement.
People privy to the development were quoted in the report, which said that Adani Cement decided to leave CMA after the company and the association had a difference of opinion on multiple issues. However, they did not share any further details about the disagreements.
The two Adani Cement companies, Ambuja Cements and ACC, had stopped sharing data about their production and sales numbers with the CMA a few years ago, the ET report said.
These companies were also not participating actively as members of the association, and this development may be a subsequent result of these trends, the newspaper quoted an unnamed expert from a brokerage firm.
The CMA had stopped collecting production and sales-related data in an active manner after India's competition watchdog accused the association of being part of a cartel that illegally controlled the prices of cement in the country, the ET report said.
Last year, billionaire Gautam Adani finalised the deal to acquire a 63.19 per cent stake in Swiss cement major Holcim Ltd's India operations, Ambuja Cements Ltd and its subsidiary ACC.
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With this acquisition, the Adani Group became the second-largest cement producer in India. Aditya Birla Group-owned UltraTech Cement holds the number one position.
Talking about the acquisition, Gautam Adani had said, "Our move into the cement business is yet another validation of our belief in our nation's growth story."
