Cement News tagged under: Shree Cement
Shree breaks into its first international market19 January 2018, Published under Cement NewsThis week, Shree Cement made a bold move to buy a 93 per cent stake in Union Cement Co PSC (UCC) for an enterprise value of US$305.24m. It is a major transaction for the Indian company and sets it on a course for expansion overseas, which will give the cement producer additional revenue streams and room to grow outside its Indian heartland. Initial analyist comments on the acquisition have been mixed. The Economic Times notes the deal will give Shree Cement a financial lift: "Besides seve... |
Shree Cement to acquire 93% stake in Union Cement12 January 2018, Published under Cement NewsShree Cement Ltd announced on Thursday that it had agreed to acquire a 92.83 per cent stake in Union Cement Co PSC, for an enterprise value of US$305.24m, according to the Hindustan Times. The deal will increase Shree Cement’s capacity to 33.3Mta from 29.3Mta, and is expected to be concluded within nine months. Shree Cement has the option to take full control of the company’s shares, said Subhash Jajoo, CFO, Shree Cement. Union Cement is based in the UAE and has a total capacity of 4... |
Indian cement companies expected to raise prices20 November 2017, Published under Cement NewsIndian cement companies are expected to raise cement prices in reaction to the recent ban on petcoke and furnace oil, which came into effect in Uttar Pradesh, Haryana and Rajasthan. The ban is expected to affect in particular Shree Cement, JK Cement, JK Lakshmi Cement, Ambuja Cement, India Cements and ACC, which operate in these states. The price hike is predicted to be around INR10 (US$0.15)/bag. Other parts of the country could be affected in the future as the Supreme Court has rec... |
Shree Cement sees narrowing margins despite drop in fuel cost09 November 2017, Published under Cement NewsShree Cement Ltd’s power and fuel cost per tonne has dropped, according to a report by Mint. However, the falling cost of fuel over the third quarter of 2017 has not had much of a positive impact on the company’s earnings. The company’s cement sales volume increased seven per cent YoY to 4.8Mt over 3Q17, whilst its stand-alone net profit decreased by 27 per cent in the same period. Operating margins narrowed to 26.2 per cent in September from 32.7 per cent a year ago as the company's powe... |
MOU signed for Shree Cement to investigate potential new plant in Jharkhand02 November 2017, Published under Cement NewsThe Jharkhand government has signed MoUs with Mineral Exploration Corporation Ltd (MECL) for undertaking mineral exploration to identify prospective mineral blocks with Shree Cement for setting up a cement plant in Jharkhand, a state government a press release said. The MOU was signed at a three-day Mining and Minerals summit in Jharkhand, India. |
Shree Cement's eastern promise22 May 2017, Published under Cement NewsShree Cement is looking to expand its presence in eastern India with the construction of two grinding facilities, according to local press. As part of its expansion plan in the east from its base in Bihar, Shree Cement is constructing one plant in Raghunathpur, West Bengal, and the other near Cuttack, Odisha, the report in Business Standard (India), stated. Managing Director, HM Bangur, told the daily that Shree had acquired 120-130 acres in Bengal and that a deal to acquire 150 acres i... |
Shree profits fall sharply18 May 2017, Published under Cement NewsShares of Shree Cement declined over five per cent on Wednesday after the company said its profits more than halved in March quarter. The company reported a standalone profit of INR304.5bn (US$4.73bn) for the fourth quarter ended 31 March, compared with INR663bn, reported for the same period last year, said the Economic Times. The company said total income during the quarter under review increased to INR2834bn from INR2724bn in the January-March quarter of 2015-16. The earnings are not co... |
India: Shree Cement granted ToR for Karnataka plant expansion18 April 2017, Published under Cement NewsShree Cement has been granted terms of reference (ToR) by the Environment Ministry to expand its plant in Kalaburagi district of Karnataka. The project involves increasing clinker capacity from 2.4Mta to 4.5Mta, and cement capacity from 4Mta to 6Mta. The plans also include raising the plant’s captive power plant capacity from 44MW to 50MW and its waste heat recovery power plant from 20MW to 35MW. (Source: Economic Research India). |
India: Dalmia Bharat and Shree Cement to battle for Binani Industries07 February 2017, Published under Cement NewsDalmia Bharat and Shree Cement are among at least three companies that have expressed interest in buying Binani Industries’ subsidiary Binani Cement's 6.25Mta cement manufacturing capacity in India, according to Moneycontrol. "Dalmia Bharat and Shree Cement are interested. There's one MNC [multinational cement company] as well that has a large presence in India which is interested in buying," an official familiar with the development said. Both Dalmia Bharat and Shree Cement have used... |
India: five cement producers to appeal the CCI order06 February 2017, Published under Cement NewsFive of the seven cement companies which were fined by the Competition Commission of India (CCI) in January, for alleged bid rigging of a 2012 tender put out by the Haryana government, will appeal to the Competition Appellate Tribunal. Shree Cement, JK Cement, Ambuja Cements, ACC Ltd and JK Lakshmi Cement will contest the CCI order as they are of the view that they have a ‘good case for succeeding in the appeal.’ Other companies such as UltraTech Cement and Jaiprakash Associates are curren... |