Cement News tagged under: UltraTech Cement

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Demerger of Century Textiles to UltraTech Cement

24 May 2018, Published under Cement News

The Board of Directors of UltraTech Cement Ltd confirmed that Century Textiles will demerge its 'Cement Business' into UltraTech, in a company statement. "The transaction provides UltraTech the opportunity for further strengthening its presence in the highly fragmented, competitive and fast growing east and central markets and extending its footprint in the western and southern markets in the country," said UltraTech's statement.  The transaction is expected to be consummated within 6-...

UltraTech set to acquire Century Textiles' cement business

21 May 2018, Published under Cement News

UltraTech has announced plans to acquire the cement sector of Century Textiles through a share swap deal, which will further strengthen its presence in the eastern and central markets of India. The deal is expected to be completed within 6-9 months following regulatory approval and will increase the efficiency of the company. "The operations will be bolstered by economies of scale arising out of synergies in procurement and logistics costs; creation of efficiencies by reducing time to mar...

UltraTech Cement secures Madhya Pradesh limestone reserves

21 May 2018, Published under Cement News

Aditya Birla group firm UltraTech Cement said it has acquired the Deora-Sitapuri-Udipyapura limestone mining block in Madhya Pradesh (MP). UltraTech Cement said the land is in close proximity to its existing limestone mines of the company's recently-commissioned unit Dhar Cement plant. The company has won the Deora-Sitapuri-Udipyapura limestone mining site in the State of Madhya Pradesh, UltraTech Cement said in a Bombay Stock Exchange filing. "This mining block is spread over 344.783ha of...

UltraTech moves closer to plant operation

02 May 2018, Published under Cement News

India-based UltraTech Cement has moved closer to commencing operations at its plant in Sonbhadra, Uttar Pradesh. The facility, initially owned by JP Associates (JPA), can only begin operations once certain environmental conditions are met. In line with a state cabinet decision, UltraTech can start production once JPA pays a penalty for mining on forested land. JPA will need to purchase an equal quantity of land and maintain a plantation on it for 10 years, according to The Times of India....

Long-term rail freight rates secured for Ramco and Zuari

27 April 2018, Published under Cement News

India’s South Central Railway (SCR) has signed a long-term tariff contract with Ramco Cements Ltd and Zuari Cements Ltd to transport freight traffic at fixed rates, according to The Hindu. Ramco and Zuari signed the agreement to ensure fixed tariff costs for three and five years, respectively.  The scheme has been designed to offer customers stability and the capacity to plan logistics for a longer period. Similar agreements have already been signed with UltraTech Cements, India Cement...

UltraTech Cement records revenue increase in 4QFY18

26 April 2018, Published under Cement News

India’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 Cement

20 March 2018, Published under Cement News

UltraTech 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 block

14 March 2018, Published under Cement News

UltraTech 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 lenders

09 March 2018, Published under Cement News

Lenders 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 licence

09 March 2018, Published under Cement News

India'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...