Cement News tagged under: Indian subcontinent

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Fauji Cement more than doubles revenue in FY2022

22 September 2022, Published under Cement News

Pakistan-based Fauji Cement Company Ltd has reported revenue of PKR54,243m (US$227m) in the year ended 30 June 2022, compared to PKR24,271m in the same period a year earlier. Over the 12-month period, operating profit advanced from PKR5053m to PKR11,982m, while profit for the year improved from PKR3471m to PKR7112m. Earnings per share in the year ended 30 June 2022 came in at PKR3.26, up from PKR2.52 in the year ended 30 June 2021. The company’s board of directors has also approved the s...

Adani Group to double cement production capacity

20 September 2022, Published under Cement News

The Adani Group plans to double its cement production capacity over the next five years, according to Gautam Adani, group chairman. Speaking at an event in Mumbai to mark the closure of Adani Group’s acquisition of Holcim ’s stakes in Ambuja Cements and ACC Ltd , Mr Adani said that he expects capacity to go from the current 70Mta to 140Mta over the course of the next five years. “While India is the second largest producer of cement in the world, our per capita consumption is just 25...

Ambuja Cements welcomes new CEO and CFO

20 September 2022, Published under Cement News

Ambuja Cements Ltd has announced a number of managerial appointments. Effective from 17 September 2022, Ajay Kapur is the company’s new chief executive officer (CEO) and whole-time director, Vinod Bahety is the new chief financial officer (CFO), and Rajiv Gandhi has been appointed company secretary and compliance officer.

Holcim closes sale of India business

16 September 2022, Published under Cement News

Holcim has closed the sale of its business in India to the Adani Group. The deal includes Holcim’s stake in Ambuja Cement at a share price of INR385 (US$4.82) and in ACC at a share price of INR2300, resulting in cash proceeds for Holcim of US$6.4bn, according to Dow Jones. Holcim held a 63.11 per cent stake in Ambuja Cement, which owns 50.05 per cent of ACC, along with a 4.48 per cent direct stake in ACC.  Jan Jenisch, CEO, Holcim, said, “I would like to thank our 10,700 Indian coll...

Gujarat Sidhee Cement temporarily suspends clinker unit

13 September 2022, Published under Cement News

The clinker unit at Gujarat Sidhee Cement Ltd’ s plant in Sidheegram , Gujarat, Inda, will be temporarily shutdown. The stoppage began on 11 September 2022 and will last for 20 days. No reason has been given for the suspension.

Adani plans management shake-up following takeover

12 September 2022, Published under Cement News

Gautam Adani, his son Karan and his nephew Pranav, are expected to join the management boards of ACC Ltd and Ambuja Cements . As part of an overhaul of the top management of both companies, following their takeover by the Adani Group , some existing members of the boards are expected to step down, including the following board members at Ambuja Cements: N S Sekhsaria, chairman, Jan Jenisch, vice chairman, Neeraj Akhoury, managing director and CEO, and Martin Kriegner, director – one sour...

Indian cement prices forecast to rise

12 September 2022, Published under Cement News

Cement companies in eastern India are expected to raise their cement prices in mid-September, according to the Financial Express. Other regions across the country are forecast to follow suit in early October as the monsoon season comes to an end and construction activity resumes. Cement producers have already increased prices by INR15-20/bag (US$018-0.25/bag), an uptick of 4-4.5 per cent MoM, in eastern and western India in the early part of September, but a further rise of INR15/bag is pred...

Cherat Cement greenfield project likely to be delayed

09 September 2022, Published under Cement News

The management of Cherat Cement Ltd informed that a letter of credit for the 8000-9000tpd greenfield project at Dera Ismail Khan in Khyber Pakhtunkhwa, Pakistan, has not been opened yet and may be delayed. It added that new letters of credit cannot be opened currently due to State Bank of Pakistan restrictions and economic instability. The cost of the project will be decided once the PKR-US$ partity stabilises, but it is estimated at US$40m. To date, the project has seen ground works s...

The Ramco Cements Ltd scoops award for Alathiyur plant

08 September 2022, Published under Cement News

The Ramco Cements Ltd has announced that its Alathiyur plant has been awarded “Gold Medal” in the India Green Manufacturing Challenge 2021-22 by The International Research Institute for Manufacturing (IRIM), India. The award recognises manufacturing firms that have shown consistent progress in improving sustainability factors at a given production facility.  Established in 1997, the Alathiyur plant is located in Ariyalur District, Tamil Nadu. It began operations with 0.9Mta capacity b...

Adani Group scouts for M&A chief

08 September 2022, Published under Cement News

The Adani Group is looking to recruit a new chief of mergers and acquisitions, replacing Vinod Bahety, who is moving to a new role within the company. According to Financial Express Online, so far this year the Adani Group has agreed to buy Holcim’s cement business in India in a US$10.5bn deal, has promised to invest US$70bn in green energy, and recently launched a hostile takeover of New Delhi Television Ltd. Owner Gautam Adani has been named as the world’s third-richest person, beh...