Cement News tagged under: Andhra Cements

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Andhra Cements posts income growth QoQ

16 May 2024, Published under Cement News

India’s Andhra Cements , part of Sagar Cements , has posted total income of INR993m (US$11.89m) in the quarter ending 31 March 2024. This is up from INR984m in the previous quarter. The net loss for the March 2024 quarter came in at INR188m, down from a loss of INR212m in the previous quarter. Basic earnings per share over the same period improved from -INR2.30 to -INR2.04.  For the year ended 31 March 2024, total income stood at INR2766m with a net loss for the 12-month period of INR65...

Andhra Cements restarts clinker line at Durga

06 June 2023, Published under Cement News

India-based Andhra Cements Ltd, part of Sagar Cements, has relaunched the clinker line at its 1Mta integrated Durga Cement Works in Dachepalli Mandal, Palnadu District, Andhra Pradesh. According to press reports, Sagar Cements plans to invest over US$50m at the plant to boost its cement and clinker production capacity to 3Mta and 2.3Mta, respectively.

Sagar Cements to commission new clinker line

18 May 2023, Published under Cement News

Sagar Cements plans to commission its new clinker line at Andhra Cements Ltd (ACL) during the current quarter. This forms part of an INR4580m (US$55.6m) investment programme by Sagar Cements to upgrade Andhra Cements’ capacities from 1.65Mta to 2.3Mta of clinker and from 1.8Mta to 3Mta of cement. The full upgrade programme is due to complete in the 2HFY24-25, according to The Hindu. According to Sagar Cements, it is expecting an incremental 1Mta from Andhra Cements in FY23-24.  Sagar Ce...

Andhra Cements reports income of INR1m in March 2023 quarter

09 May 2023, Published under Cement News

India’s Andhra Cements Ltd (part of Sagar Cements Ltd ) has reported total income of INR1m (US$12,192) in the quarter ended 31 March 2023, compared to INR1.8m in the same period a year earlier. Total expenses have come in at -INR843.6m giving a profit before exceptional items and tax of INR844.6m for the three-month period. Finance costs over the quarter stood at -INR1096.4m, versus INR446m in the quarter ended 31 March 2022. Net profit for the 2023 quarter is reported at INR11,220.1m, up ...

NCLT approves Sagar Cements' acquisition of Andhra Cements

17 February 2023, Published under Cement News

The Amravati bench of the National Company Law Tribunal (NCLT) has approved Sagar Cements' proposal to acquire Andhra Cements for INR9220m (US$111.3m). On 16 February the Sagar Cements board approved a plan to nearly double the capacity of Andhra Cements to 3Mta with a capital outlay of INR4680m, according to Money Control. Of the INR9220m proposed acquisition cost, Sagar Cements plans to raise a debt of INR6000m and equity of INR3220m. The acquisition gives Sagar Cements a 95 per...

Sagar Cements wins bid to acquire Andhra Cements

18 January 2023, Published under Cement News

Sagar Cements Ltd has been named as the successful bidder to acquire Andhra Cements Ltd. The Committee of Creditors at Andhra Cements voted with a majority in favour of the resolution plan filed by Sagar Cements Ltd, said Andhra Cements in a regulatory filing. Andhra Cements operates two cement plants – the 1Mta Durga Cement Works in Dachepalli and the 0.6Mta Visaka Cement Works in Vishakapatnam – both of which are currently closed. This deal will not only boost Sagar Cement’s cement pr...

Sagar expects Andhra outcome before end of 2022

03 November 2022, Published under Cement News

Sagar Cements expects to announce the outcome of its bid to acquire Andhra Cements before the end of December 2022. Sagar currently has a production capacity of 8.25Mta but hopes to expand this to 10Mta by FY24-25. Andhra Cement would bring with it 1.8Mta of cement capacity and 1.65Mta of clinker capacity. According to a report in BusinessLine Online, Sagar Cements is fully prepared for the acquisition to go through. "We are fully funded from Andhra perspective. We took a INR500 odd cro...

Dalmia and Sagar submit formal bids for Andhra Cements

19 October 2022, Published under Cement News

Dalmia Cement (Bharat) Ltd and Sagar Cements have formally submitted offers to acquire Andhra Cements, according to Business Standard. Andhra Cements, which reportedly owes INR9700m (US$117.9m) to its lenders, was acquired by Jaypee Group in 2012 but has failed to report any sales for the last two years, or repay its debts. Data from Capitaline show that net sales by the company have fallen from INR4663m in FY18 to zero in FY22. Andhra Cements currently has two cement plants with a c...

Sagar Cements to submit acquisition plan for Andhra Cements

11 August 2022, Published under Cement News

Sagar Cements will submit a resolution plan for its acquisition of Andhra Cements before 18 August 2022. According to The BusinessLine, the company hopes to receive the necessary clearances by October this year but also expects to require around three months for maintenance works at Andhra Cement’s plants in Dachepalle and Visakhapatnam. Although Sagar Cements claims it cannot reveal more information at this stage, the deal is believed to be worth around INR14,000m (US$176m). Sagar Cement...

Sagar Cements and Dalmia Cement express interest in Andhra Cements

13 July 2022, Published under Cement News

Sagar Cements and Dalmia Cement are reportedly among the companies expressing an interest in Andhra Cements, which is currently undergoing insolvency proceedings, according to The Economic Times. Andhra Cements, part of the Jaypee Group, currently runs two plants in India located in Dachepalli and Visakhapatnam. In the quarter ended 31 March 2022 the company incurred a loss of INR683.1m  (US$8.5m), compared to the same period a year earlier. The loss for the financial year ended 31 March ...