Cement News tagged under: UltraTech Cement

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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...

UltraTech takes 400t of waste from railway workshop

08 March 2018, Published under Cement News

UltraTech 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 process

07 March 2018, Published under Cement News

UltraTech 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 Binani

28 February 2018, Published under Cement News

Dalmia 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 deal

19 February 2018, Published under Cement News

UltraTech 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 fuel

05 February 2018, Published under Cement News

The 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...

UltraTech Cement receives approval for mining project

01 February 2018, Published under Cement News

UltraTech Cement has received approval for its limestone mining project in Bhavnagar, Gujarat. The company plans to invest INR600m (US$9.4m) to mine a 632ha area, with a production capacity of 2.07Mta. The total reserves of the mine are estimated at 63.58Mt and has a life expectancy of 32 years, according to India Info Online. The Environment Ministry has provided conditions to its consent, such as the rehabilitation of 147 families.  UltraTech will use the non-conventional opencast mechan...

UltraTech reports 37% volume jump in 3QFY18

19 January 2018, Published under Cement News

UltraTech Cement Ltd, an Aditya Birla Group Company, has announced its unaudited financial results for the quarter ended 31 December 2017 (3QFY18). Net sales stood at INR78,970m (US$1.23bn) as compared to INR59,270m (US$145.4m) in the corresponding period of the previous year, the company statement read. EBITD was INR14,940m vis-à-vis INR12,800m in the corresponding period of the previous year. Profit after tax was INR4560m as against INR5950m in 3QFY17. On a standalone basis, net ...

UltraTech reports rise in net sales

18 January 2018, Published under Cement News

UltraTech Cement Ltd has announced that its net profit decreased by 25 per cent YoY to INR4.21bn (US$65.98m) in the October-December quarter of 2017. However, net sales of the company rose 35 per cent to INR75.8bn in the same period, according to Bloomberg. EBITDA increased by 13.9 per cent to INR12.6bn in the 3QFY18, when compared to the corresponding period of the previous financial year. "The quarter witnessed an increase in variable costs attributable to the rise in pet coke and coa...