Cement News tagged under: Sagar Cements
Andhra Cements restarts clinker line at Durga06 June 2023, Published under Cement NewsIndia-based Andhra Cements Ltd, part of Sagar Cements, has relaunched the clinker line at its 1Mta integrated Durga Cement Works in Dachepalli Mandal, Palnadu District, Andhra Pradesh. According to press reports, Sagar Cements plans to invest over US$50m at the plant to boost its cement and clinker production capacity to 3Mta and 2.3Mta, respectively. |
Sagar Cements to commission new clinker line18 May 2023, Published under Cement NewsSagar Cements plans to commission its new clinker line at Andhra Cements Ltd (ACL) during the current quarter. This forms part of an INR4580m (US$55.6m) investment programme by Sagar Cements to upgrade Andhra Cements’ capacities from 1.65Mta to 2.3Mta of clinker and from 1.8Mta to 3Mta of cement. The full upgrade programme is due to complete in the 2HFY24-25, according to The Hindu. According to Sagar Cements, it is expecting an incremental 1Mta from Andhra Cements in FY23-24. Sagar Ce... |
Andhra Cements reports income of INR1m in March 2023 quarter09 May 2023, Published under Cement NewsIndia’s Andhra Cements Ltd (part of Sagar Cements Ltd ) has reported total income of INR1m (US$12,192) in the quarter ended 31 March 2023, compared to INR1.8m in the same period a year earlier. Total expenses have come in at -INR843.6m giving a profit before exceptional items and tax of INR844.6m for the three-month period. Finance costs over the quarter stood at -INR1096.4m, versus INR446m in the quarter ended 31 March 2022. Net profit for the 2023 quarter is reported at INR11,220.1m, up ... |
Sagar Cements appoints new director28 March 2023, Published under Cement NewsIndia’s Sagar Cements Ltd has appointed Shri Ravichandran Rajagopal as an independent director of the company, effective from 27 March 2023 for a period of five years. A graduate in mechanical engineering, Mr Rajagopal is currently a whole-time director on the board of Anjani Foods Ltd. He has also held roles at Ciba Geigy Ltd, Vijay Cements, Elico Healthcare Ltd and Sri Vishnu Educational Society. |
NCLT approves Sagar Cements' acquisition of Andhra Cements17 February 2023, Published under Cement NewsThe Amravati bench of the National Company Law Tribunal (NCLT) has approved Sagar Cements' proposal to acquire Andhra Cements for INR9220m (US$111.3m). On 16 February the Sagar Cements board approved a plan to nearly double the capacity of Andhra Cements to 3Mta with a capital outlay of INR4680m, according to Money Control. Of the INR9220m proposed acquisition cost, Sagar Cements plans to raise a debt of INR6000m and equity of INR3220m. The acquisition gives Sagar Cements a 95 per... |
Sagar Cements wins bid to acquire Andhra Cements18 January 2023, Published under Cement NewsSagar Cements Ltd has been named as the successful bidder to acquire Andhra Cements Ltd. The Committee of Creditors at Andhra Cements voted with a majority in favour of the resolution plan filed by Sagar Cements Ltd, said Andhra Cements in a regulatory filing. Andhra Cements operates two cement plants – the 1Mta Durga Cement Works in Dachepalli and the 0.6Mta Visaka Cement Works in Vishakapatnam – both of which are currently closed. This deal will not only boost Sagar Cement’s cement pr... |
Sagar expects Andhra outcome before end of 202203 November 2022, Published under Cement NewsSagar Cements expects to announce the outcome of its bid to acquire Andhra Cements before the end of December 2022. Sagar currently has a production capacity of 8.25Mta but hopes to expand this to 10Mta by FY24-25. Andhra Cement would bring with it 1.8Mta of cement capacity and 1.65Mta of clinker capacity. According to a report in BusinessLine Online, Sagar Cements is fully prepared for the acquisition to go through. "We are fully funded from Andhra perspective. We took a INR500 odd cro... |
Sagar Cements sees revenue of US$57m in the 3Q2221 October 2022, Published under Cement NewsSagar Cements Ltd has reported unaudited consolidated revenue from operations of INR4745.5m (US$57.22m) in the third quarter of 2022, compared to INR3689.3m in the same quarter a year earlier. The company saw a net loss of INR491.9m for the three-month period in 2022, versus a net profit of INR199.4m in the 3Q21. Power and fuel expenses advanced from INR1120.4m in the 3Q21 to INR2277m a year later, while finance costs advanced from INR114.2m to INR502.7m over the same period. In terms o... |
Dalmia and Sagar submit formal bids for Andhra Cements19 October 2022, Published under Cement NewsDalmia Cement (Bharat) Ltd and Sagar Cements have formally submitted offers to acquire Andhra Cements, according to Business Standard. Andhra Cements, which reportedly owes INR9700m (US$117.9m) to its lenders, was acquired by Jaypee Group in 2012 but has failed to report any sales for the last two years, or repay its debts. Data from Capitaline show that net sales by the company have fallen from INR4663m in FY18 to zero in FY22. Andhra Cements currently has two cement plants with a c... |
Sagar Cements' Bayyavaram plant scoops energy awards28 September 2022, Published under Cement NewsSagar Cements ’ Bayyavaram grinding plant has been recognised as an Excellent Energy Efficient Unit by the Confederation of Indian Industry at this year’s Energy Management Excellence Awards. The facility also scooped the confederation’s GreenCo Star Performer Award. The 1.5Mta plant, located in Andhra Pradesh, has 120kW solar power installed, along with 8.30MW hydropower and 8.42MW captive power. The unit mainly serves the markets of Vizag, Srikakulam and South Odisha. |