Cement News tagged under: UltraTech Cement
UltraTech Cement records revenue increase in 4QFY1826 April 2018, Published under Cement NewsIndia’s UltraTech Cement has reported a 29 per cent YoY fall in its standalone profit for the 4QFY18 period, to INR4.88bn (US$73.05m) from INR6.88bn. The decline has been partly attributed to a stamp duty of INR2.26bn and deferred tax of INR410m due to a change in tax rates. Standalone revenue rose 36.5 per cent to INR90.02bn for the period, according to Money Control. EBITDA grew 33.2 per cent to INR17.03bn from INR13.56bn, while the EBITDA margin contracted to 18.9 per cent from 19.3 pe... |
UltraTech announces new bid for Binani Cement20 March 2018, Published under Cement NewsUltraTech Cement announced its intention to take over Binani Cement on Monday, with an offer of INR72.66bn (US$1.11bn). The new offer follows Dalmia Cement's claim that its INR63.50bn bid had been accepted by lenders last week. UltraTech's board has agreed to supply a 'comfort letter' guaranteeing the INR72.66bn in return for a 98.43 per cent stake in Binani Cement, according to DNA Money. Binani Industries and UltraTech have previously commented on the secrecy of the bidding process, ... |
UltraTech Cement secures winning bid for limestone block14 March 2018, Published under Cement NewsUltraTech Cement has emerged as the winner in the auction of Chhattisgarh’s Guma limestone block. Over 600 bids were made for the mine in an e-auction that lasted for 15 hours, according to The Times of India. The state will receive approximately INR73.9bn (US$1.14bn), marking a new record in revenue accrued from a mineral auction. The amount reached 138.3 per cent of IBM price (INR431/t), and is in addition to other fees payable to the state. "In the second phase of auctions, participat... |
Dalmia Bharat-led bid approved by lenders09 March 2018, Published under Cement NewsLenders to the bankrupt Binani Cement have decided that a a Dalmia Bharat-led bid would be allowed, thereby overruling the objections of UltraTech Cement. The offer fulfilled all of the conditions and hence there is no reason to block it, reports a source for The Economic Times. At a meeting held in Mumbai on Wednesday, the lenders involved decided to seek the approval of their respective boards on the Dalmia-Bain bid, where it was also revealed that Dalmia had received CCI approval for t... |
The Ministry of Coal cancels mining licence09 March 2018, Published under Cement NewsIndia'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... |
UltraTech takes 400t of waste from railway workshop08 March 2018, Published under Cement NewsUltraTech Cement has taken 400t of waste from the Golden Rock railway workshop in Ariyalur, India, to be used as an alternative fuel in its cement kilns. The company will take an additional 300t of cushions, rubber belts, berth covers and other rubber products over the coming months. The workshop is currently overhauling passenger coaches and diesel locomotives, and therefore hopes to sign another agreement to dispose of 5000t of waste, according to The Hindu. |
UltraTech seeks clarity on Binani Cement bidding process07 March 2018, Published under Cement NewsUltraTech has approached the National Company Law Tribunal (NCLT) in Kolkata, seeking clarity on the evaluation of bids for Binani Cement, according to India Info Online. Dalmia Bharat outbid the company by approximately INR1bn (US$15.39m) to eventually win the assets. However, it has been reported that parameters such as the company’s background, experience and ability to pay upfront cash to secured lenders were taken into account. Binani Industries (BIL) has also petitioned the NCLT, cl... |
Dalmia Bharat wins bid for Binani28 February 2018, Published under Cement NewsDalmia Bharat Cement Ltd won the bid for Binani Cement on Tuesday, despite UltraTech Cement submitting an almost identical offer. The panel supervising the insolvency proceedings of Binani approved Dalmia’s resolution plan, which was backed by the Bain Piramal Resurgence Fund. Dalmia is expected to invest INR67bn (US$1.03bn) in Binani over a period of time. It has been alleged that UltraTech missed the opportunity due to concerns raised about penalties issued by the Competition Commissi... |
UltraTech and Dalmia Bharat highest bidders in Binani Cement deal19 February 2018, Published under Cement NewsUltraTech Cement and Dalmia Bharat-Bain Piramal Resurgence Fund consortium are leading the bids for Binani Cement, according to Indiainfoline. Both partieshave submitted bids of approximately INR60,000m (US$927.9m). For the final decision to be made by the creditors, both the bidders are asked to furnish additional details pertaining to their bids. In addition, UltraTech is required to provide information on a Competition Commission of India (CCI) penalty. In 2016, CCI imposed a penalty of ... |
UltraTech to be supplied with alternative fuel05 February 2018, Published under Cement NewsThe Tiruchi City Municipal Corporation (TCMC) has set an agreement with an environmental organisation to supply alternative fuel (AF) processed from fresh dry waste to UltraTech’s Ariyalur facility. While preventing a build-up of waste in its dump, the corporation’s project will also generate 12,000t of AF over the next two years, according to The Times of India. TCMC has contracted IL&FS Environmental Infrastructure & Services Ltd to segregate the waste. Only waste having a calorific val... |