Mumbai, Dec. 18 :    Mumbai, Dec. 18:  Associated Cement Companies Ltd (ACC), the country's largest cement maker, today announced its plan to acquire the entire equity of Eternit Everest Ltd held by its co-promoters-the Belgium-based Etex Corp. ACC said the proposed acquisition is aimed at further strengthening its presence in products related to the cement business and the construction industry and is expected to enhance shareholder value for both companies. Analysts aver the deal is a step towards consolidating ACC's hold over the company as the foreign partner appears to be disinterested in the Indian operations. Moreover, most cement companies are now considering ways to add value to their product. ACC, which took the lead in entering the ready-mix concrete segment, a relatively new concept in the country, was reported to have been looking for a way out. The long gestation period was touted as one of the reasons for the disenchantment. Therefore, a section of analysts are confounded by its move to invest more in the venture. The Eternit Everest stake will be acquired by ACC at a price of Rs 22 per share. The Eternit share zoomed to touch Rs 31.05 from Rs 28 on the back of 84 trades for 17,700 shares. Interestingly, ACC's shares fell sharply from an intra-day high of Rs 160.50 to close at Rs 153.75. Marketmen however said the fall had more to do with the general correction in the cement counters. The share purchase agreement to be entered into on December 26, will see ACC's stake in Eternit Everest Ltd rise from 38.50 lakh shares (26.01 per cent) to 112.50 lakh shares (76.01 per cent). Eternit Everest Ltd is a public limited company listed on the BSE. The acquisition, ACC said, is subject to the Reserve Bank of India's nod and other approvals, if any. The proposed acquisition is an inter se transfer of shares amongst promoters and therefore an open offer for the remaining shares lying with the public appears unlikely, say analysts tracking the cement industry. Eternit Everest Ltd was set up in November 1934 in equity participation with Turner and Newall plc UK, for making fibre-based cement products. It has four plants in India, with ACC holding 26.01 per cent of its paid-up share capital. In 1988-89, T&N's equity stake of 49.56 per cent was transferred to Eteroutremer S A, Belgium, the holding company of the Brussels-based Eternit group. It is the largest manufacturer of fibre-based cement products in the world and has diversified into other products in the building industry. More recently, Eternit was taken over by the Etex group.