Indian cement maker ACC eyeing acquisitions-report

MUMBAI, June 3 (Reuters) - India's leading cement maker, ACC Ltd (ACC.BO), has short listed companies for acquisition as it looks to reach a capacity of 30 million tonnes by 2010, the Financial Express newspaper reported on Tuesday.

ACC, about 41 percent owned by Swiss cement maker Holcim (HOLN.VX), has cash reserves of 10 billion rupees ($235 million), which it would use for expansion and acquisition, the paper said, citing Chief Financial Officer Onne Van der Weijde.

"We know the company and we know the location. ACC has short listed some companies for acquisition," the paper quoted Weijde as saying.

ACC officials could not be immediately reached for comment.

In May, Managing Director Sumit Banerjee had said ACC's capacity expansion was on track but future plans were a "question mark" as annual returns were not enough to cover expansion cost.

ACC has a capacity to make 23 million tonnes of cement annually. ($1=42.4 rupees) (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)