Cement News tagged under: UltraTech Cement

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UltraTech boosts capacity and reports 3Q results

22 October 2019, Published under Cement News

UltraTech completed the acquisition of Century's cement business, with the Scheme of Demerger  effective from 1 October 2019. With this acquisition, UltraTech's cement manufacturing capacity stands augmented to 117.4Mta, including its overseas capacity. This makes UltraTech the third-largest cement company in the world, outside of China. It is also the only company in the world to have a capacity of over 100Mta in a single country, outside of China. The quarter ended 30 September 2019 witn...

UltraTech Cement outlines Century 'Scheme of Arrangement'

01 October 2019, Published under Cement News

UltraTech Cement's Board of Directors has declared the Scheme of Arrangement between Century Textiles and Industries Ltd (Century), the company and their respective shareholders and creditors (the Scheme) to be effective from 1 October 2019. For the scheme, the company will issue one equity share of face value INR10 (US$0.14) each for every eight equity shares of face value INR10/each held by the shareholders of Century, as on the record date to be decided by Century. This acquisition furt...

Indian cement companies amongst bidders for coal blocks

10 September 2019, Published under Cement News

India’s UltraTech Cement, ACC Cement and Reliance Cement are amongst the prospective bidders for the auction of 27 coal blocks. To attract investors, the government has allowed the sale of up to half the output to Coal India at a notified price, while a further 25 per cent can be sold in the open market. However, block operators have to consume at least 25 per cent of their produce in their own plant, according to The Economic Times. The Coal Ministry has also increased the time limit for...

UltraTech MD to step down in December

10 September 2019, Published under Cement News

Krishna Kishore Maheshwari will be appointed as UltraTech's first non-executive vice chairman as he retires from his managing director role on 31 December this year. Kailash Chandra Jhanwar, currently deputy managing director and chief manufacturing officer, will succeed Mr Maheshwari as MD after this date. Before serving three years as MD at UltraTech, Mr Maheshwari was the managing director at Grasim. He is also a director for Aditya Birla Management Corp, a corporate body which provide...

Emirates Cement to be sold to HeidelbergCement Bangladesh Ltd

09 September 2019, Published under Cement News

UltraTech Cement Ltd (Aditya Birla group) is in the final stages of selling its stake in Emirates Cement Bangladesh to HeidelbergCement Bangladesh Ltd. Emirates Cement operates a 0.5Mta grinding plant in Mukterpur, Bangladesh. UltraTech has proposed selling its share holding in Emirates Cement at BDT17.09 (US$0.20)/share setting the total sales value stake in Emirates Cement at BDT2710m (US$32.1m). HeidelbergCement Bangladesh Ltd  currently operates two grinding plants in the country at ...

UltraTech Cement announces 91% rise in consolidated profit

09 August 2019, Published under Cement News

India’s UltraTech Cement Ltd has announced a 91 per cent YoY growth in consolidated net profit to INR12.08bn (US$171.2m) for the quarter ending 30 June, compared with INR6.31bn in the year-ago period. Net sales increased 15 per cent to INR100bn, while EBITD surged 61 per cent to INR28.4bn from INR17.6bn. Standalone net sales rose 15.5 per cent YoY in the 1QFY19-20, reaching INR96.48bn from INR83.54bn. The company more than doubled its net profit which soared to INR11.99bn from INR5.98bn. E...

UltraTech's acquisition of Century Cement to be completed soon

19 July 2019, Published under Cement News

India’s UltraTech Cement has confirmed that it will complete the merger of Century Cement in the second quarter of the FY19-20. The only pending approval which remains for the deal is the transfer of mining leases, which is expected to be completed soon, according to Kumar Mangalam Birla, chairman of the company. "After the completion of the Century Cement transaction, coupled with the on-going capacity expansion, our capacity will be augmented to over 117.35Mta, inclusive of its overseas o...

UltraTech and private equity firms in talks to buy Emami Cement assets

28 June 2019, Published under Cement News

Emami Group is reportedly holding talks with UltraTech Cement and private equity firms KKR and Temasek Holding to sell assets from its cement business, Emami Cement, which is valued at INR50bn (US$725.4m). The Kolkata-based company is looking to reduce debt and concentrate on its core business. The group is still deciding on whether to fully exit the cement business or simply reduce its stake by disposing of some of its assets, according to the Economic Times. Meanwhile, its cement business...

WBCSD and key cement producers launch Indian roadmap

27 June 2019, Published under Cement News

Major companies from the cement sector and the World Business Council for Sustainable Development (WBCSD) launched the ‘Indian Cement Sector SDG Roadmap’ on 25 June at an event organised by WBCSD and UN Global Compact Network India. The UN’s Sustainable Development Goals (SDGs) represent a universal framework that establishes a collective pathway for humanity to achieve prosperity for people and planet on the road to 2030. While governments have universally resolved to implement the SDGs, ...

UltraTech Cement appoints Sujeet Jain as chief legal officer

18 June 2019, Published under Cement News

Sujeet Jain, group general counsel and company secretary of Viacom18, has joined UltraTech Cement as chief legal officer in Mumbai. A graduate of GLC Mumbai, he began his career at Thakkar and Thakkar Advocates before moving to Hutchison Telecom. In 2005 he joined People Group and three years later, Viacom 2008.