Cement News tagged under: Jaypee Cement

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The Ministry of Coal cancels mining licence

09 March 2018, Published under Cement News

India's Ministry of Coal has cancelled the mining licence for the Mandla South coal block won by Jaypee Cement, following the sale of the attached plants to UltraTech Cement. Jaypee sold three of the four projects linked to the block in Madhya Pradesh to UltraTech in January 2017, reports The Economic Times. According to a letter written by the Ministry, "The successful bidder had sold the end use plants, which is major lapse on the part of successful bidder and also shows the clear inten...

Orient Cement to acquire two Jaypee units

01 June 2017, Published under Cement News

Orient Cement has reached an agreement to buy two cement units from Jaypee in the central and eastern regions of India. Orient will buy a 74 per stake in Bhilai which is a joint venture between Jaiprakash Associates Ltd (JAL) and Steel Authority of India Ltd (SAIL). Bhilai has an integrated PSC cement capacity of 2.2Mta consisting of a clinker unit in Satna area in Madhya Pradesh and a grinding unit in Bhilai, Chhattisgarh. Another agreement was signed for the acquisition of the 2Mta Nig...

India: Orient and JP deal reportedly in final stages

05 April 2017, Published under Cement News

Orient Cement's plan to acquire certain assets of the Jaypee Group is in the final stages and completion of the deal could be announced shortly, according to local media. Citing sources familiar with the development, 'Moneycontrol' reported today that management of both Orient and the Jaypee Group are due to meet this week to discuss last-minute details of the deal. In October 2016, the two companies announced that Orient Cement Would acquire Jaiprakash Associates’ entire stake in Bhil...

India: Jaypee Cement requests coal re-allocation

25 November 2016, Published under Cement News

Jaypee Cement has requested that the central government allocate the two captive coal blocks won in auction to other firms in need of fuel. Jaypee Cement wished to surrender the two blocks in Maharashtra and Mandla South in Madhya Pradesh following the sale of the attached cement plants. The company informed The Economic Times India that, “both cement and captive power plants of Jaypee Balaji cement plant are being acquired by Ultratech Cement, but they have shown no interest in taking th...

India: UltraTech to complete Jaypee acquisition ‘in next 12 months’

20 July 2016, Published under Cement News

Birla Group chairman, Kumar Mangalam Birla, told his firm's annual general meeting that its UltraTech Cement subsidiary should complete its acquisition of Jaypee Cement within the next 12 months, the Economic Times reports. The deal, which will see UltraTech acquire cement production capacity of 21.2Mta, was agreed earlier this month, despite efforts from Jaypee’s creditors that saw them convert debt into equity. On completion, UltraTech – already India’s largest producer – will contro...

India: Jaypee Group debts threaten cement unit sale

04 July 2016, Published under Cement News

Creditors of Indian conglomerate Jaypee Group have invoked debt restructuring provisions that allow them to convert loans into equity, turning them into the firm’s majority shareholders, reports the Economic Times. Jaypee Group is struggling under debts of INR582.5bn (US$8.7bn) and had agreed to sell its cement unit to UltraTech Cement to raise capital. Following the move by banks, UltraTech is understood to have written to the Gaur family – who founded and still run Jaypee – questioning ...

India: Jaypee vice chairman and director resigns

08 June 2016, Published under Cement News

Jaiprakash Associates Ltd (JAL) said its vice chairman, Sarat Kumar Jain, has resigned from the Group. Jain had been associated with the Jaypee Group for over 50 years. "He is presently 78 years old and is not keeping in good health. As such he has expressed his inability to continue as vice chairman/director of JAL," the firm said. Jain resigned from the office of the vice chairman and director of JAL yesterday with immediate effect, it added. In March, in one of the biggest deals i...

UltraTech is in a better position to control India's cement market

08 April 2016, Published under Cement News

UltraTech Cement has undertaken series of acquisitions and organic expansions over the past year. This will help the country's largest cement manufacturer in enhancing market share, getting greater control on setting prices and achieving higher sales and volumes growth, claims the Economic Times-Bangalore. UltraTech's capacity has increased to 92.3Mta from 63.2Mta in FY15. This includes the recent acquisition of 22.4Mta of cement capacity from JP Associates including access to the 40 year...

Jaypee gets green nod to expand limestone mining in Andhra Pradesh

04 January 2016, Published under Cement News

Jaypee Cement has received the green approval for expansion of limestone mining capacity from 3.47Mta to 6Mta in Andhra Pradesh, entailing an investment of INR950m (US14.3m). The company has commissioned a cement plant with 5Mta capacity and captive limestone mine of 3.47Mta to meet partial requirement of limestone of the cement plant at Budhawada village, in Krishna district.

Government of India transfers environment clearance of 19 coal blocks

23 June 2015, Published under Cement News

The government of India has so far transferred the environment clearance (EC) of 19 coal blocks out of a total of 29 approved mines from the previous allottees to new successful bidders including some cement producers. In a bid to expedite operations from the recently allocated coal mines, the Environment Ministry had amended EC norms after a request made by the Coal Ministry to facilitate the transfer of ECs to successful coal bidders. "We have so far transferred the ECs of 19 coal blocks...