Cement News tagged under: UltraTech Cement

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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...

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...