Cement News tagged under: India
Ambuja to invest internal funds for expansion16 April 2014, Published under Cement NewsAmbuja Cements, part of the Holcim group, plans to spend around INR8bn (US4133m) in 2014 from internal funds to partially finance its ongoing capacity expansion projects. "The year 2014 will see capital expenditure worth INR802 crore over and above INR725 crore investment made in 2013. The entire proposed expenditure will be financed by internal accruals," Ambuja Cements said in its annual report. The company, which has 27.25Mta of capacity, is setting up three greenfield plants, each w... |
India: Reliance Cement extends its sales reach14 April 2014, Published under Cement NewsReliance Cement Company has expanded its footprint in the domestic Indian market by launching sales of its product in the eastern Indian state of Jharkhand. Commenting on the developments, Arvind Pathak, CEO Reliance Cement, said, "Jharkhand is one of the most important cement markets in the Eastern India. The demand in the state is expected to grow exponentially due to upcoming power and steel plants and other mineral based industries. Reliance Cement is well positioned and equippe... |
Simec reportedly in talks to buy stake in Gujarat unit03 April 2014, Published under Cement NewsDubai-based Simec is expected to buy up to 51 per cent in ABG Cement's Gujarat unit, local press have reported. The enterprise value of the 5.8Mta cement facility is expected to be around INR3500 crore, two sources familiar with the deal told the Economic Times. |
Sanghi Industries invests in capacity expansion, shipping and distribution capabilities31 March 2014, Published under Cement NewsSanghi Industries Ltd (SIL) is to expand its production by 30 per cent, and is set to acquire ships and establish terminals to improve logistics. The company is to raise cement capacity from 2.6Mta to 3.5Mta by the end of 2015 at its Abdasa plant in the Kutch district of Gujarat. “Currently, clinker production is higher than cement production at our plant. To correct the mismatch, we are investing INR100 crore in increasing the grinding capacity,” Alok Sanghi, director of Sanghi Industries... |
Ambuja gets nod for merger with Holcim India27 March 2014, Published under Cement NewsThe High Courts of New Delhi and Gujarat have given Ambuja Cements the green light to merge with Holcim India – paving the way for the ACC-Ambuja restructuring process announced by the parent company in July last year. In a two stage deal, Ambuja will first acquire, through a purchase, a 24 per cent stake in Holcim India for a cash consideration of INR35,000m (US$~600m), followed by a stock merger between Holcim India and Ambuja. |
UltraTech Cement27 March 2014, Published under Cement NewsUltraTech’s plans to establish new plants in Uttarakhand, northern India, and Myanmar have hit stiff opposition this month. In Myanmar, residents in the Lun-Nya area, where the proposed cement plant is to be located, have raised concerns over potential health and environmental issues. According to residents, the two military-owned cement factories at nearby Myaing Kalay have made locals sick and no compensation has been forthcoming for damage to the surrounding land. Meanwhile in India... |
Dalmia to acquire Jaiprakash Bokaro stake25 March 2014, Published under Cement NewsJaiprakash Associates Ltd (JAL) is to sell its 74 per cent stake in its Bokaro Cement joint venture to Dalmia Cement (Bharat). Bokaro Cement is a 74:26 per cent collaboration between JAL and the Steel Authority of India (SAIL). The acquisition involves a 2.1Mt cement unit at Bokaro situated in the eastern Indian state of Jharkhand. The joint venture has a 30-year clinker supply arrangement with JAL and a slag supply arrangement for the same period with SAIL. "With this acquisition, D... |
India: local tax on coal mines to hit cement firms24 March 2014, Published under Cement NewsIndia's coal ministry has tabled a proposal that cement, steel and sponge iron companies that have captive coal mines have an undue advantage, and this could be offset with a new tax. The rationale behind the coal ministry's proposed increase in taxes on cement and steel companies that own coal mines is that, while they are insulated from the market vagaries as far as this key input is concerned, their output prices are market determined, leading to an undue advantage. The exact amount of ... |
India: ACC lined up to buy into two cement joint ventures24 March 2014, Published under Cement NewsACC (Holcim) is likely to buy Jaypee Group 74 per cent stake in two separate cement joint ventures with state-owned steel maker Steel Authority of India Ltd, according to the Business Standard. The two joint ventures are located at Bhilai (Chhattisgarh) and Bokaro (Jharkhand) with a total capacity of just over 4Mta. Jaypee Group has been struggling with debts and has been in talks with ACC to hive off some assets. In a BSE filing, Jaypee Group said its Board would meet "to consider stake ... |
Sagar denies Vicat buy-out talks20 March 2014, Published under Cement NewsSagar Cements Ltd has denied reports that it is in talks to sell its 47 per cent stake in its Vicat Sagar joint venture. The Economic Times newspaper earlier reported, citing unnamed sources, Vicat had started talks with Sagar to buy out its Indian partner in the joint collaboration which started production last year. "We wish to deny the contents relating to our company in the said news item, which are speculative in nature," Sagar Cements said in a statement to the stock exchanges. |