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CONTENTS

Chairman’s Letter Five Year Performance I Can – Some Highlights Directors’ Report and Management Discussions & Analysis Annexures to Directors’ Report : i. ii. Conservation of Energy & Technology Absorption Employees’ Particulars

4 7 8 16

37 41 45 61 64 94 95 120

Corporate Governance Report Auditors’ Report Financial Statements Balance Sheet Abstract Consolidated Accounts with Auditors’ Report Information with regard to Subsidiary Companies

AMBUJA CEMENTS LTD.

2

BOARD OF DIRECTORS

Mr. Suresh Neotia, Chairman Mr. N. S. Sekhsaria, Vice Chairman Mr. Markus Akermann Mr. Paul Hugentobler Mr. M. L. Bhakta Mr. Nasser Munjee Mr. Rajendra P. Chitale Mr. Shailesh Haribhakti Mr. Nirmalya Kumar, (upto 31/12/2008) Mr. Onne van der Weijde, (w.e.f. 9/1/2009) Mr. Omkar Goswami Mr. Naresh Chandra, (w.e.f. 26/7/2008) Mr. A. L. Kapur, Managing Director Mr. P. B. Kulkarni, Whole-time Director (upto 31/1/2009) Mr. N. P Ghuwalewala, Whole-time Director . Mr. B. L. Taparia, Whole-time Director & Company Secretary

Corporate Office : 106, Maker Chambers III, Nariman Point, Mumbai 400 021. Elegant Business Park, MIDC Cross Road ‘B’, Off Andheri-Kurla Road, Andheri (East), Mumbai - 400 059.

AMBUJA CEMENTS LTD. 3

CHAIRMAN'S LETTER

Dear Shareholders,

It is a matter of great privilege to place before you the Company's performance for 2008 - a year of severe vicissitudes, great volatilities and uncertainties, bringing in its wake a set-back to our four year long term economic growth story.

While India's economic growth, despite high commodity prices, continued with full vigour during the initial few months, the rate of growth slowed considerably thereafter, as a sequel to worldwide financial turmoil.

Faced with tough economic challenges, our Government responded, initially, with measures to curb the run-away inflation. Later, RBI responded vigorously to the global financial crisis by boosting liquidity to the tune of Rs 3 lac crore and...