Cement News tagged under: India

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Birla Corp mulls Ethiopian cement plant

29 June 2012, Published under Cement News

India-based Birla Corporation is considering setting up a cement plant in Ethiopia, according to a senior official. The company has formed a wholly-owned subsidiary, Birla Corp Cement Manufacturing Plc, in the country and secured a limestone mining licence. It has also applied for a coal mining permit, chairman Harsh V Lodha, told reporters at the sidelines of the company’s AGM. “We have formed a subsidiary to apply for the necessary licences. Once we get a coal mining permit, we will ...

KKR eyes stake in Sree Jayajothi Cements, India

28 June 2012, Published under Cement News

Private equity firms Blackstone Group and Kohlberg Kravis Roberts & Co (KKR) are discussing a large stake buy in the cement unit of the Shiram Group, the Times of India reports. Shriram EPC, which took controlling stake in Andhra Pradesh-based Sree Jayajothi Cements, plans to raise more than INR400 crore to boost operations. KKR already holds a stake in another Indian producer, Dalmia Cements. Another US private equity Mount Kellett also met with Shriram on the potential investment oppo...

Chettinad Cements plans Karikkali plant expansion, India

28 June 2012, Published under Cement News

India-based Chettinad Cement is considering the expansion of its Karikkali cement plant in Tamil Nadu from 4.5Mta to 7Mta. According to reports in the Times of India, Chettinad is also planning to increase capacity of its captive power plant from 48MW to 78MW. The company received the Terms of Reference (ToR) from the union environment ministry in March this year and a public hearing for the project was called by the Tamil Nadu Pollution Control Board (TNPCB) also in March. Chettin...

Andhra Pradesh government clears 13 cement project proposals

28 June 2012, Published under Cement News

The government of Andhra Pradesh, India, has approved 25 industrial projects proposals including 13 cement plants. The Andhra Pradesh Chief Minister, N Kiran Kumar Reddy, who chaired the State Investment Promotion Board meeting at the Secretariat, approved these proposals.

Moody's says CCI ruling to hurt Holcim & Lafarge

26 June 2012, Published under Cement News

Moody's has said the Competition Commission of India's (CCI) decision to impose a penalty on 11 cement producers is 'credit negative' for global cement majors Holcim and Lafarge both of which have Indian interests that have been fined. The agency said that the indirect consequences of the CCI decision is more harmful than the cash-outflow due to the penalty. "We believe that indirect credit consequences from the decision will outweigh the cash effect of the fines on Holcim and Lafarge,"...

Mixed trends for Pakistan cement exports

26 June 2012, Published under Cement News

During the first 11 months (July 2011-May 2012) of the current fiscal year, Pakistan exported 7.64Mt of cement and earned US$446.85m compared to 8.44Mt at US$414.773m in the corresponding period of last year. This shows that cement expors fell 9.46 per cent in terms of quantity but rose 7.73 per cent in terms of value on a year-on-year basis, according to data released by Pakistan's Federal Bureau of Statistics. In terms of Pakistan currency, exports rose 12.07 per cent during July-May 20...

BNP Paribas maintains 'deteriorating' outlook on Indian cement sector

25 June 2012, Published under Cement News

BNP Paribas has maintained its ‘deteriorating’ outlook on the Indian cement sector given its weak macroeconomic outlook, high interest rates, continuing oversupply situation, cost inflation and ongoing regulatory overhang. The Economic Times of India reported that cement stocks have been witnessing pressures since the Competition Commission of India (CCI) imposed a penalty of US$1.1bn on 11 cement companies last week. The fines is 50 per cent of the companies’ net profit for FY10 and FY...

UltraTech Cement receives environmental approval for expansion

25 June 2012, Published under Cement News

UltraTech Cement has received environmental clearance for its expansion plans for two of its plants in Madhya Pradesh. The Environment Ministry has given clearance for UltraTech to its clinker plant from 3.59Mt to 6.2Mta and its cement plant from 4Mta to 10.33Mta. The company also plans to expand its captive power plant from 46MW to 122MW. The plants are located in Damodarpura and Khor villages in Neemuch district of Madhya Pradesh.

Holcim to contest Indian price fixing fine

22 June 2012, Published under Cement News

Holcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing. Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment. The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fi...

Indian producers issued with record fine on price fixing

21 June 2012, Published under Cement News

Eleven Indian cement producers have been issued a total fine of INR60bn (US$1.1bn) for price fixing, the highest ever fine issued by the country’s antitrust authority in its three-year existence. The Competition Commission of India (CCI) said in its ruling that the companies colluded to underuse their plants and create an artificial cement shortage. "The commission has found that the cement companies have not utilised the available capacity so as to reduce supplies and raise prices in tim...