Cement News tagged under: UltraTech Cement

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UltraTech to take tribunal plea to Supreme Court on Monday

07 June 2013, Published under Cement News

India’s Supreme Court will hear UltraTech Cement's plea challenging an order issued by the Competition Appellate’s Tribunal (COMPACT) on 17 May 2013 instructing the cement companies charged with cartel practices to pay 10 per cent of the penalty imposed by the Competition Commission of India (CCI) last year. Following an appeal from several cement companies against the CCI’s record fine of INR6.3bn issued in June 2012, the tribunal ordered the cement producers to pay the 10 per cent withi...

UltraTech in talks with JP Associates for Gujarat assets, India

24 April 2013, Published under Cement News

UltraTech Cement is reportedly closing in on a deal to acquire the cement assets of Jaiprakash Associates in the state of Gujarat, India, according to local press reports. "The deal is expected to be sealed before May. The valuation and other critical aspects, such as the indemnity amount, are more or less finalised. We are waiting for one more approval," reported The Economic Times quoting two persons with direct knowledge of the development. The report added that the sale of the cement...

UltraTech Cement quarterly net profit falls 16.3%, India

23 April 2013, Published under Cement News

UltraTech Cement on Monday announced a 16.3 per cent YoY fall in quarterly profit, which it attributed to an increase in railway freight costs and diesel prices. The company reported standalone profit of INR7.26bn (US$134.26m) for the January-March quarter. Net sales rose one per cent to INR53.89bn and combined cement and clinker sales of grey cement were almost flat at 11.13Mt for the quarter. Fortunately, there was some respite as coal prices softened during the quarter. Brokerage firm J...

UltraTech Cement production at 4Mt in March

04 April 2013, Published under Cement News

UltraTech Cement said that the company’s total production for March 2013 was 4Mt. Dispatches were 4.01Mt, the company said in a filing to the Bombay Stock Exchange. India’s largest cement company recently announced that it had commissioned two new cement facilities as part of its ongoing expansion drive to raise cement capacity by 9.2Mta to 62Mta. The recently-commissioned plants are a 3.3Mta brownfield clinker works at Rawan, Raipur, Chhattisgarh state and a 1.6Mta grinding unit in Hotgi...

UltraTech commissions clinker and grinding projects, India

25 March 2013, Published under Cement News

India’s leading cement producer, UltraTech Cement, has commissioned two new cement facilities as part of its ongoing expansion drive. The company has informed the Bombay Stock Exchange that it has commissioned its 3.3Mta brownfield clinker plant at Rawan, Raipur, Chhatisgarh state. Meanwhile, it has also commissioned a 1.6Mta grinding unit in Hotgi, Solapur, Maharashtra. The company is also carrying out a brownfield clinker project at Karnataka, as well as grinding projects and waste h...

UltraTech sales decline 6% in February

07 March 2013, Published under Cement News

UltraTech Cement, India’s largest cement producer, has reported a six per cent decline in February 2013 sales, amid wider concerns of subdued demand across the domestic market. The Aditya Birla group company sold 3.31Mt of cement last month compared to 3.51Mt in the same period of last year. Production during February 2013 also dropped to 3.32Mt compared to 3.46Mt in February 2012. The company did not elaborate as to why sales were slower, but industry experts said the winter seasons a...

UltraTech halts Awarpur operations due to action, India

04 March 2013, Published under Cement News

UltraTech Cement has temporarily closed its 3.6Mta Awarpur plant in the state of Maharashtra due to a strike by workers. In a statement to the stock exchanges the company said that “...the operations at the company’s unit viz Awarpur Cement Works, Awarpur, Maharashtra, having a capacity of 3.6Mta has been temporarily shut down on account of stoppage of work by the workers.” KC Birla, chief financial officer (CFO) of UltraTech, told Business Standard that there was reportedly some allege...

Railway projects arouse interest from Indian cement producers

13 February 2013, Published under Cement News

With Indian railways showing a renewed focus on private partnerships, Jindal, Adani and a consortium of cement companies (UltraTech, Prism and Madras Cement) have been linked to several port connectivity projects, according to Business Standard (BS). The railway expects to raise around INR50,000m (US$928.1m) from the investment in port connectivity projects over the next five years. To begin with, it expects investment worth INR38,000m from the private sector for six port connectivity proje...

UltraTech Cement plans to raise US$100m from IFC

06 February 2013, Published under Cement News

UltraTech Cement plans to raise approximately US$100m from the International Finance Corporation (IFC) to support its US$297m expansion in Chhattisgarh. According to local media, the company plans to increase clinker production capacity at its integrated plant in Chhattisgarh, eastern India. The report added that the IFC has already started working with the company to identify resource efficiency opportunities for diminishing the company’s carbon footprint. Moreover, the IFC is also l...

UltraTech Cement in talks to buy ABG Cement plant, India

05 February 2013, Published under Cement News

India’s largest cement producer, UltraTech Cement, is in talks to purchase an incomplete 6.7Mta cement plant in Gujarat owned by the ABG Cement group, the Economic Times of India reports. “Executives of both UltraTech Cement and ABG had three rounds of negotiations,” a source told the local daily. According to the report, Axis Capital, the investment banking arm of Axis Bank, is advising UltraTech. “We had some discussions in the past," a senior ABG official said. "The company is ke...