Cement News tagged under: India
Shriram aims to raise Jayajothi Cements’ utilisation10 July 2012, Published under Cement NewsIndian engineering company Shriram EPC, which earlier this year acquired a majority stake in Sree Jayajothi Cements, plans to raise the cement plant’s capacity utilisation to 100 per cent. In March this year, Shriram EPC was forced to buy the 70 per cent stake in its debtor Sree Jayajothi Cements which couldn't pay back its dues. Shriram's debt was converted to equity. Jayajothi Cements currently has a 3.2Mta integrated works situated in Kurnool district in Andhra Pradesh, southeast Indi... |
Pakistan cuts Indian cement export prices10 July 2012, Published under Cement NewsPakistan cement producers have cut export prices for India by 13 per cent due to currency movements. The Business Recorder of Pakistan reports that due to the depreciation of the Pakistan rupee, cement producers have reduced export prices by US$/9/t. As such, cement is now being exported to India at an average price of US$60/t compared to US$69/t previously. Market sources said this will help capture the Indian export market which holds much potential despite challenges such as transpo... |
Holcim: June '1206 July 2012, Published under Cement NewsHolcim's two main Indian subsidiaries, Ambuja Cements and ACC Limited, have been fined at total of approximately EUR325m, or INR2301 crores, by the Honourable Competition Commission of India. This represents some 36 per cent of the total INR6304 crores (EUR891m) levied on eleven leading Indian cement producers. The fines have been based on the profits generated in 2009/10 and in 2010/11 and the biggest fines were imposed Holcim and UltraTech, while Lafarge and a further six domestically con... |
Pakistan’s full-year domestic dispatches rise 8.84%06 July 2012, Published under Cement NewsPakistan has closed fiscal year 2011-12 (FY11-12) with an 8.84 per cent YoY rise in local dispatches, however exports for the year have seen their third successive year of decline and capacity utilisation remains under pressure. Domestic dispatches for the fiscal year, which ended on 30 June 2012, reached a record 23.947Mt, data from the All Pakistan Cement Manufacturers Association (APCMA) shows. However, exports declined by 9.12 per cent to 8.568Mt, marking the third consecutive yea... |
L&T files for arbitration proceedings against Zuari Cement, India06 July 2012, Published under Cement NewsEngineering and construction company Larsen & Toubro (L&T) has filed for arbitration proceedings against Zuari Cement, a fully-owned subsidiary of Italcementi, to claim INR188.53 crore in alleged unpaid bills and payment delays, The Indian Express reports "They haven't paid us for the INR269.74 crore civil construction work to build a cement plant in Yerraguntla, Andhra Pradesh, and we have started arbitration proceedings against them," K Jagannathan, legal head at L&T's engineering and con... |
Brazil competition authority approves Camargo purchase of Cimpor05 July 2012, Published under Cement NewsBrazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdings in Cimpor, both Camargo Correa and Votorantim increased their share of Brazil's market. Cade als... |
Holcim Indian cement interests see modest YoY gains03 July 2012, Published under Cement NewsHolcim’s Indian cement companies, ACC and Ambuja Cements have reported modest rises in June shipments and production in June. ACC said shipments in June reached 1.96Mt, up 2.6 per cent from the 1.91Mt a year ago but lower than the 2.05Mt recorded in May. Cement production during June rose 4.23 per cent to 1.97Mt from 1.89Mt a year ago but fell from 2.02Mt in May. During Jan-June, ACC dispatched 12.79Mt of cement compared to 12.18Mt in the corresponding period a year ago. Production dur... |
Fitch migrates Binani Cement to non-monitored, India02 July 2012, Published under Cement NewsFitch Ratings has migrated India-based Binani Cement Limited's (BCL) National Long-Term 'Fitch A(ind)' rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch A(ind)nm' on the agency's website. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of BCL. The ratings will remain in the non-monitored category for a period of six months and b... |
Birla Corp mulls Ethiopian cement plant29 June 2012, Published under Cement NewsIndia-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, India28 June 2012, Published under Cement NewsPrivate 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... |