Ambuja Cements has received approval from the Gujarat and Delhi High Courts to merge Holcim India with itself.

Certified copies of the order from both the courts are awaited. While approving the scheme of amalgamation, the Gujarat High Court also cleared reduction of capital of the company as envisaged in the scheme. The scheme is subject to the completion of conditions specified.

The amalgamation proposal was part of Ambuja's parent, Holcim's plans to merge its holding in its Indian subsidiaries.

As part of its merger plan, Holcim will transfer over 50 per cent of its stake in the group company ACC, to Ambuja.

Ambuja Cement will invest Rs 3,500 crore for a 24 per cent stake and will issue shares for the rest. Post restructuring, Holcim's stake in Ambuja will rise to 61.39 per cent from a little over the existing 50 per cent.

Ambuja also obtained investor approval for the proposal. The company expects to complete the entire restructuring process by June 2014.