Cement News tagged under: india
Sagar in talks to buy BMM Cements, India14 August 2014, Published under Cement NewsSagar Cement is in talks to buy BMM Cements as it plans to use the proceeds from the sale of its stake in the Vicat Sagar joint venture to fund growth organically and through M&A activity. BMM Cements operates a 1Mta integrated cement works along with a 25MW captive power plant near the Tadipatri in Anantapur district of Andhra Pradesh. Sources told the Economic Times of India that a team of Sagar Cements has already inspected BMM’s manufacturing and limestone assets and the legal and t... |
Badami takes up role of ACC chief executive officer and MD14 August 2014, Published under Cement NewsHarish Badami yesterday assumed the role of CEO and managing director of India’s second-largest cement producer, ACC. "Harish Badami has taken over as CEO & MD from August 13 2014 and Kuldip Kaura has demitted office as CEO & MD from the said date," the Holcim group company said in a statement. The Board had approved Badami’s appointment in June. Prior to joining ACC on 1 August 2014, Badami had served as managing director of Celanese India. He also held the positions of president and MD... |
Grinding unit planned for Karnataka, India12 August 2014, Published under Cement NewsJR Super Cement is planning a 200tpd cement grinding unit and a coal-based captive power plant in the district of Bagalkot, Karnataka state, India. The project is waiting for environmental clearance. Work on the cement grinding unit is expected to commence in 1Q15 and work on the power project is expected to commence the following year. |
Senior appointments at Orient Cement, India08 August 2014, Published under Cement NewsOrient Cement’s board of directors has appointed Rahul Deshmukh as chief operating officer at a meeting held on 7 August 2014. Meanwhile, Sushil Gupta has been named chief financial officer of the company. SK Pandey has also been appointed Plant Head of Orient's Devapur cement works. |
Chettinad increases holding in Anjani Portland Cement, India29 July 2014, Published under Cement NewsChettinad Cement Corp has increased its holding in Anjani Portland Cement to 66.08 per cent by acquiring a 17.08 per cent share through an open offer. In March, the company had entered into a share purchase agreement to acquire a 61.74 stake in Anjani Portland. Chettinad Cement has said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for a firm to remain listed. The move helps Chet... |
Pakistan export revenues down in FY1428 July 2014, Published under Cement NewsPakistan reported a decline in export revenue in FY14, due in part to lower sales to Afghanistan and a decline in average export prices. Encouraging trends were, however, noted in exports to India and other parts of the world. Data from the All Pakistan Cement Manufacturers Association shows that total dispatches increased by 2.52 per cent YoY to 34.273Mt. Exports totaled 8.73Mt on revenues of US$509.46m compared to 9.09Mt at US$577.44m in FY13. This translated to a fall of 3.97 per cen... |
ACC net profit down 7%, improving demand outlook25 July 2014, Published under Cement NewsIndia’s second-largest cement producer, ACC, reported a seven per cent decline in profit for the second quarter of the year as operational costs continued to rise. However, improvements on the demand front were noted, a trend which the Holcim group company expects to continue. During the quarter ended June 2014, consolidated turnover was up 7.8 per cent to INR30bn (US$5bn). EBITDA, however fell 7.7 per cent to INR4.5bn. Net profit was down 7.1 per cent to INR2.43bn. The company said it ... |
Jaiprakash considers restructuring operations25 July 2014, Published under Cement NewsJaiprakash Associates plans to consolidate its entire cement manufacturing operations under one company that it will eventually list on the stock exchanges, according to local press reports. An official source familiar with the development told Cogencis said that the restructuring exercise that the company is discussing with merchant bankers will award shares of the new company to the existing shareholders of the parent company. Manoj Gaur (executive chairman and founder's son) has given i... |
UltraTech full-year hit by operational costs21 July 2014, Published under Cement NewsUltraTech Cement, an Aditya Birla Group company, today announced its financial results for the year ended 31 March 2014. Full-year net sales stood at INR58.32bn compared to INR53.91bn in the corresponding period of the previous year. Profit before interest, depreciation and tax was INR13.29bn compared to INR13.83bn. Profit after tax was INR8.38bn against INR7.26bn in FY13. Combined cement and clinker sales were up nine per cent YoY to 12.18Mt (previous year: 11.13Mt). "The year witne... |
Vicat to take full control of Indian joint venture16 July 2014, Published under Cement NewsVicat is to take 100 per cent control of Vicat Sagar Cements after agreeing to buy out Sagar Cements from the joint venture company. An agreement has been reached whereby Sagar Cements will sell its entire 47 per cent stake in the collaboration for INR66.68 per share (US$1.1). The company said it would use a part of the money to purchase some capital equipment for its Matampally plant, while the remaining amount would help fund organic and inorganic growth in south India. Vicat Sagar ... |