Ambuja, ACC Renewal Of Tech Fees Agreement With Holcim
Ambuja Cements and ACC received board approval for paying technology fees to their parent company, Holcim Ltd. The TKH fees with the foreign promoter Holcim has been kept at 1 per cent of net sales every year for two years with effect from January 1, 2021. Both the Indian companies have been paying a certain part of their annual sales to Holcim Support and Holcim Services Group as fee for accessing its technology and support. Board of directors of Ambuja Cements and ACC at their meeting held on December 23, 2020, has approved the renewal of the current Technology and Know-How Agreement (‘’TKH Agreement’’) with Holcim Technology Limited (HTL) pursuant to which the Company pays TKH fees @ 1 per cent of net sales each year, to HTL, for a period of 2 years w.e.f. January 01, 2021 on the same terms as the present TKH Agreement, these companies said in a regulatory filing.