Cement News tagged under: Shree Cement

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Shree puts Karnataka project on hold, to expand Rajasthan works

31 August 2012, Published under Cement News

Shree Cement has decided to put its Karnataka project on hold following issues with land acquisition and  now plans to expand its Rajasthan cement works. The proposed plant, which would have been Shree Cement’s first venture outside north India, was meant to have a capacity of 6Mt. However, due to the project facing land hurdles, the company plans to expand its existing facility in Rajasthan. “We had a very good quarter. It is time to move ahead. We had plans for moving out of North In...

Shree Cement to challenge CCI allegation

24 August 2012, Published under Cement News

In an interview with CNBC-TV18, HM Bangur, Shree Cement’s managing director, said the company will challenge the fine imposed by India’s Competition Commission (CCI). Last month, the CCI gave Shree Cement a INR4000m (US$72.19m) fine for alleged involvement in a price-fixing cartel. In total, 12 Indian cement producers were fined by the CCI. Mr Bangur said, the company was given no chance of a defence. "No questions were asked; suddenly we find a fine on us. Our name was not there, so we w...

Shree Cement fined by regulator for price fixing, India

31 July 2012, Published under Cement News

Shree Cement Ltd has been fined US$72m by the Competition Commission of India (CCI), the watchdog said in a statement, making it the 12th cement company to be fined for cartel practices. Shree Cement has been fined INR3.98bn (US$72m), the equivalent of 50 per cent of its net profit for the financial years ending in 2010 and 2011, the CCI said in the statement. In June, 11 cement makers were fined a combined US$1.1bn by the CCI in June for collusion and price fixing, the biggest penalty...

Improved prices help raise Shree Cement’s quarterly profit, India

16 May 2012, Published under Cement News

Shree Cement, which has a strong presence in the North India market, reported an increase in net profit of INR11.28 crore for the fourth-quarter of FY11-12 (ending March 2012) largely on the back of improvements in demand leading to better price realisation and cost control initiatives. EBITDA rose 42 per cent to INR450.40 crore during the period, the company said in a statement. Turnover, meanwhile, rose 38 per cent YoY to INR1477.85. Cement production increased 29 per cent and during...