Cement News tagged under: India
Prism Cement appoints Manish Bhatia as CFO22 August 2017, Published under Cement NewsIndia-based Prism Cement has appointed Manish Bhatia as chief financial officer following the resignation of Pramod Akhramka. Mr Bhatia has more than 20 years of experience in the core fields of accountancy as well as finance and commercial activities as well as other areas regarding mergers and acquisitions, due diligence, strategy, ERP, etc. |
Petron receives new order from Ramco14 August 2017, Published under Cement NewsPetron Engineering Construction Ltd has received work order for civil and mechanical works from India-based Ramco Cements Ltd for its Line-II grinding unit project at Kolghat in West Bengal. The order is worth an approximate value of INR620m (US$9.7m). |
Birla Corp to seek board approval for Mukutban plant10 August 2017, Published under Cement NewsBirla Corp is due to put its proposal plans for a greenfield plant at Mukutban near Yavatmal district, India, before its board of directors for approval. "We are planning to invest around INR2400 crore [US$375m] for the 4Mta greenfield cement plant at Mukutban. We will now go to the board for approval," said Harsh V Lodha, chairman of Birla Corporation, in a press release following the company's AGM on Monday. The new plant would be funded through a mixture of debt and internal accruals, ... |
Ramco Cements to increase grinding capacity08 August 2017, Published under Cement NewsIndia-based Ramco Cements has embarked on an investment project to increase its grinding capacity in West Bengal and set up a new facility in Odisha. “We are doubling the capacity of grinding units in Vizag and Kolaghat (West Bengal) from 0.9Mta to 2Mta each, AV Dharmakrishnan, CEO, Ramco Cements told the business section of the Hindu (India). “Besides, we are setting up a new unit in Odisha of 0.9Mta,” he added. The proposed expansion will be completed in 18 months and the cost will me... |
Chettinad Cement receives clearance for Odisha grinding plant04 August 2017, Published under Cement NewsChettinad Cement Corp has received approval from the Odisha’s State Level Single Window Clearance Authority (SLSWCA) to establish a grinding plant. The project will have a capacity of 2Mta and is to be located at Kalinga Nagar Industrial Complex. The Government of Odisha has been actively trying to create a conducive business environment to encourage companies across the country to set up or expand their business in the eastern Indian state. |
Birla Corp considers Maharashtra plant investment02 August 2017, Published under Cement NewsBirla Corp is planning a 4Mta cement plant in Mukutban, in the state of Maharashtra, Chairman Harsh V Lodha told reporters on the sidelines of company’s Annual General Meeting. The cement producer has already acquired land for the project and the proposal will be put to the company’s board for approval. The investment will be financed by a combination of debt and internal accruals. The project is a revival of plans shelved by Reliance Infrastructure whose cement interests were acquired ... |
India Cement’s net profit slips as demonetisation and GST hit31 July 2017, Published under Cement NewsThe latent effect of India’s demonetisation, a halt in cement sales ahead of the newly-introduced Goods and Services Tax (GST) roll-out and a severe shortage of river sand in Tamil Nadu, combined to put pressure on India Cements Ltd (ICL)’s profit in the April-June 2017 quarter. ICL’s profit after tax decreased to INR264.4m (US$4.12m) in the first quarter from INR439.8m in the year-earlier period. The company reported a total income of INR14.66bn in the quarter (from INR12.06bn). The... |
Binani Cement insolvency petition by Bank of Baroda admitted by NCLT26 July 2017, Published under Cement NewsThe Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday admitted an insolvency petition against Binani Cement based on a referral by one of its lenders, Bank of Baroda, after the cement company failed to repay a sum of INR970m. Bank of Baroda has appointed Vijaykumar V Iyer of Deloitte India as the interim resolution professional (IRP) to oversee the insolvency process. According to a report by the Financial Express (India) the company owes a consortium of lenders cl... |
Ambuja Cements reports 2Q sales rise25 July 2017, Published under Cement NewsAmbuja Cements reported an 11.7 per cent increase in net sale in the 2Q17 as cement volumes and price realisations improved. The pan-Indian cement producer said net sales reached INR28.23bn versus INR25.28bn in the 2Q16. Cement volumes increased to 6.05Mt in the quarter under review compared to 5.76Mt in the April-June 2016 period. For the first six months of 2017, volumes rose to 12.07Mt, up 3.9 per cent YoY. Operating EBITDA for the quarter stood at INR6.51bn versus INR5.98bn in the ... |
New Salboni cement plant launched by JSW Cement21 July 2017, Published under Cement NewsJSW Cement, part of the JSW Group, has launched its state-of-the-art Salboni cement plant in Bengal. The largest cement plant of its kind in the state, the facility has a cement capacity of 2.4Mta and will produce premium Portland Slag Cement (PSC) grade cement. JSW Cement has targeted the eastern markets gain market share. JSW Cement will market its brand through a TVC campaign. This will be the largest ad spend by any cement brand in the eastern part of India, claims Millenium Port... |