Cement News tagged under: UltraTech Cement
UltraTech in talks for two plant projects12 December 2013, Published under Cement NewsUltraTech Cement is planning to invest the construction of two cement plants in the northern Indian state of Uttarakhand. The Industrial Development Department of Uttarakhand has reportedly signed a Memorandum of Understanding with India’s largest cement producer for a 3.5Mta plant in Tuni and a 2Mta plant in Someshwar. Chief minister of Uttarakhand, Vijay Bahguna, said: "The setting up of these two major plants in the field of cement manufacturing, in these two socially and economical... |
UltraTech Cement appoints independent director05 December 2013, Published under Cement NewsIndia’s largest cement producer UltraTech Cement said its board of directors has appointed Arun Adhikari as additional director (Independent) to the board, effective 3 December 2013. Adhikari is an alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta. |
UltraTech Cement's quarterly profit falls 52% YoY21 October 2013, Published under Cement NewsUltraTech Cement, India’s largest cement maker, posted a 52 per cent decline in net profit for the July-September quarter, mainly due to lower selling prices and subdued demand. The company reported a net profit of INR2.6bn (US$42m) for the quarter ended 30 September. Domestic cement and clinker sales stood at 9.1Mt. It noted that cement demand remained “sluggish due to a prolonged monsoon and a “low-take off from the infrastructure and housing sectors.” It further added that a sof... |
UltraTech acquires Jaiprakash's Gujarat assets12 September 2013, Published under Cement NewsJaiprakash Associates Ltd has confirmed it will sell its cement assets in Gujarat to UltraTech Cement Ltd for around INR38bn (US$598m) including debt. UltraTech, the country's largest cement maker by production capacity, will issue shares worth up to INR1.5bn to Jaiprakash and assume debts of about INR36.50bn, the companies said on Wednesday. Jaiprakash Associates has been trying to sell the plant for more than a year and was in talks with several potential buyers, including CRH. Product... |
UltraTech poised for Jaiprakash's Gujarat units27 August 2013, Published under Cement NewsUltraTech Cement is said to be in advanced stages of discussions to acquire the Gujarat-based cement units of Jaiprakash Associates, local media have reported. Sources familiar with the deal told Business Standard of India that the cement units are to be sold at a valuation of US$130/t, lower than the US$160/t Jaiprakash had earlier been seeking. Jaiprakash's cement facilities in the state of Gujarat have a combined cement capacity of 4.8Mta and will help UltraTech Cement, India’s larges... |
India: delayed asset sale could help Jaiprakash Associates23 August 2013, Published under Cement NewsTo overturn its spiralling debts, Jaiprakash Associates (JA) has been actively seeking to sell off its 4.8Mta cement plant in Gujarat. The release of such assets is seen as a necessity to aid the company's profitability and its stock rating. The company's current net debt levels are estimated at INR602.8bn (US$9.33bn) and JA aims to reduce this amount by INR60bn-70bn (US$9.3bn-10.85bn) The company is said to be in talks with UltraTech Cement over the Gujarat factory but the delay in closin... |
UltraTech first quarter hit by building slowdown30 July 2013, Published under Cement NewsUltraTech Cement, India's largest cement producer, posted a 13.5 per cent YoY decline in its first quarter (April-June 2013), due to slowdown in home building and infrastructure projects. The Aditya Birla group company reported standalone profit of INR6.73bn (US$112.3m) for the April-June quarter. Net sales also declined 2.2 per cent to INR49.58bn. Going forward, Kumar Mangalam Birla, chairman of the group, said the business outlook remained challenging and the company has downwardly re... |
UltraTech Cement commissions Karnataka clinker plant, India11 July 2013, Published under Cement NewsUltraTech Cement said it has commissioned its 3.3Mta clinker plant at Malkhed in Karnataka, taking capacity from 53.9Mta to 57.2Mta. The company continues to invest in new capacity to consolidate its position as India's cement market leader. In its annual report for 2012-13 (Apr-Mar), UltraTech Cement said it has already spent INR43bn of the INR114bn capital expenditure plan. By 2015 the company targets a capacity of 64.45Mta. Latest local news reports also state that the company is ... |
India: Jaypee Cement eyes acquisition24 June 2013, Published under Cement NewsJaypee Cement (JC), the country’s third-largest producer (Jaiprakash Associates/Japyee Group), is looking at an acquisition, having recently dumped its plan to sell off its Gujarat plant. “In the near future, the group plans to expand its cement capacities via acquisitions and greenfield additions to maximise economies of scale and build on vision to focus on large-size plants from inception,” said Ashutosh Kumar, JC’s joint president of marketing. Before that, though, JC would be conce... |
UltraTech to take tribunal plea to Supreme Court on Monday07 June 2013, Published under Cement NewsIndia’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... |