The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS).
19. Assets and related liabilities classified as held for sale
The assets classified as held for sale as of December 31, 2015 amounted to CHF 772 million. On August 17, 2015, LafargeHolcim announced that it entered into a letter agreement with Birla Corporation Limited subject to approval by the Competition Commission of India (CCI) for the divestment of certain of its assets in India. These assets include the Sonadih cement plant and the Jojobera grinding station and had been agreed with the CCI in order to receive conditional clearance from the CCI for the LafargeHolcim merger. The assets held for sale consist mainly of property, plant and equipment. Further information is disclosed in the note 37.
On December 31, 2014, the assets classified as held for sale amounted to CHF 283 million and the liabilities classified as held for sale amounted to CHF 33 million. The assets and related liabilities classified as held for sale shown in 2014 mainly related to the series of transactions in Europe that the Group and Cemex closed on January 5, 2015. Additional information is disclosed in note 4. The net assets classified as held for sale consisted of current assets of CHF 30 million, property, plant and equipment of CHF 194 million, other long-term assets of CHF 59 million, short-term liabilities of CHF 25 million and long-term provisions of CHF 8 million.