Cement News tagged under: Adani Group
ACC reports revenue of US$2706m29 June 2023, Published under Cement NewsIndian cement producer ACC Ltd has reported revenue from operations of INR222,100m (US$2706m) in FY22-23. EBITDA came in at INR22,560m, while profit after tax stood at INR8700m. The company has changed its financial year end so these latest results cover 1 January 2022 to 31 March 2023, a total of 15 months, so are therefore not comparable with the figures for the 12 months ended 31 December 2021. Profit before tax was reported as INR11,820m while earnings per share were INR46 over the sam... |
Adani Group rebuilds investor confidence27 June 2023, Published under Cement NewsThe Adani Group, which owns Ambuja Cements and ACC Ltd , is reportedly targeting 20 per cent YoY growth in pretax profits to INR900,000m (US$10,971m) within the next 2-3 years. According to Live Mint, the growth is expected to come from various sectors, including cement, airports, energy, logistics and power. The group has recently repaid loans amounting to US$2.65bn as part of a prepayment programme to reduce overall leverage and regain investor confidence following a negative report by ... |
Adani Group in talks with more lenders over acquisition loan21 June 2023, Published under Cement NewsThe Adani Group is reportedly in talks with at least five new international banks regarding its refinancing of US$3.8bn of loans taken for its acquisition of ACC Limited and Ambuja Cement in 2022. According to The Economic Times, the majority of the group’s existing lenders, including Standard Chartered, Barclays and Deutsche Bank, will also participate in the refinancing round. The group has reportedly begun discussions with two Taiwanese banks and a Malaysian bank among others to exp... |
Adani Group in talks to refinance loan14 June 2023, Published under Cement NewsIndia's Adani Group is in talks with lenders to refinance up to US$3.8bn of a loan facility taken for its acquisition of Ambuja Cements Ltd last year, according to Bloomberg News. The group is reportedly deciding whether to convert the original loan into debt with a longer maturity period. Although the deal is yet to be finalised, Bloomberg News says the group is expected to conclude the process within four months with most of its existing lenders, including Barclays Plc, Deutsche Ba... |
Ambuja Cement and ACC win influencer award18 April 2023, Published under Cement NewsAmbuja Cements and ACC , part of Adani Cement and the Adani Group, have scooped the Digital Customer Experience Award 2023 for ‘Best Customer & Influence Engagement Initiatives’, organised by Gainskills Media. Brands from across the banking, retail, manufacturing, logistics and supply chain, pharmaceuticals, automobile, and insurance sectors attended the event to showcase their customer experience initiatives. Ambuja Cements and ACC presented their customer and influencer engagement ... |
Gautam Adani sells off stake in Ambuja Cements13 March 2023, Published under Cement NewsGautam Adani is reportedly looking to sell a 4-5 per cent share in Ambuja Cements for around US$450m, according to the Financial Times. The move is designed to help lower debt levels and restore investor confidence in his conglomerate. This follows a report by US-based Hindenburg Research in late January 2023 alleging fraud and stock market manipulation by the Adani Group, which wiped US$145bn off the market value of the conglomerate’s listed companies. If the sale goes ahead, it will... |
Plants reopen as Adani resolves freight rate dispute21 February 2023, Published under Cement NewsAdani Cement has announced that ACC and Ambuja Cements will resume operations at two plants in Himachal Pradesh, India, after resolving issues over freight rates. According to Reuters, all stakeholders have amicably resolved the issues on freight rates and operations at the Gagal and Darlaghat plants would resume on 21 February 2023. The parties have reportedly agreed to what equates to a 10-12 per cent cut in overall freight rates from that date. The two plants have been shut ... |
Adani Group shares tumble amidst fraud claims31 January 2023, Published under Cement NewsGautam Adani, owner of the Adani Group , saw his fortune fall by US$20bn on Friday last week after investors withdrew from his companies amidst fraud claims made by a US investment firm. Hindenburg Research published a report accusing the Adani Group of decades of stock manipulation and accounting fraud, according to the BBC. The report was released ahead of a planned share sale for Adani Enterprises, but the news resulted in shares in the company falling by almost 20 per cent. Some of t... |
ACC launches ACC ECOMaxX04 January 2023, Published under Cement NewsACC Ltd , the cement and building material company of Adani Cement and part of the Adani Group, is set to bring a new dimension to the building materials industry with the launch of ACC ECOMaxX, an expert range of green concrete solutions. ACC ECOMaxX is the industry’s broadest range of green concrete solutions, with 30-100 per cent lower embodied carbon content compared to a reference concrete designed with ordinary Portland cement (OPC). The products are developed using a Unique Gre... |
Ambuja Cements and ACC Ltd win sustainable waste award06 December 2022, Published under Cement NewsACC Ltd and Ambuja Cements , part of the Adani Group , have scooped the Platinum Award at the 12th International Conference & IPLA Global Forum 2022 in Sustainable Waste Management & Circular Economy (IconSWM-CE). The companies were recognised for their pre-processing and co-processing facilities at the Ambujanagar and Wadi cement plants with Wadi ranked platinum in two out of the eight categories and Ambujanagar ranked platinum in four out of eight categories. Both companies offe... |