Cement News tagged under: indian subcontinent

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Adani Group announces US$100bn investment plan

29 September 2022, Published under Cement News

The Adani Group plans to invest US$100bn over the next decade, according to its owner Gautam Adani. The group’s most recent investment was its US$6.5bn acquisition of Ambuja Cements Ltd and ACC Ltd , instantly making it the second-largest cement producer in India. Around 70 per cent of the planned US$100bn investment is destined for the energy transition market, along with defence, metals and petrochemicals, reports Mint. "As a group, we will invest over US$100bn of capital in the nex...

Sagar Cements' Bayyavaram plant scoops energy awards

28 September 2022, Published under Cement News

Sagar Cements ’ Bayyavaram grinding plant has been recognised as an Excellent Energy Efficient Unit by the Confederation of Indian Industry at this year’s Energy Management Excellence Awards. The facility also scooped the confederation’s GreenCo Star Performer Award. The 1.5Mta plant, located in Andhra Pradesh, has 120kW solar power installed, along with 8.30MW hydropower and 8.42MW captive power. The unit mainly serves the markets of Vizag, Srikakulam and South Odisha.

Ambuja and UltraTech win legal battle against electricity price hikes

27 September 2022, Published under Cement News

Ambuja Cements and UltraTech Cement are among a number of companies who have won a legal battle against electricity distribution entities in Rajasthan over an increase in cross-subsidy surcharges (CSS). According to The Hindu, the electricity distribution companies buy electricity direct from the power producers and pay the CSS, which is then used to supply power to poor and under-privileged customers. However, as stated in the Electricity Act 2003, the CSS should be “progressively re...

Sagar Cements welcomes new chairman

27 September 2022, Published under Cement News

India's Sagar Cements Ltd (SCL) has appointed Kalidindi Venkata Vishnu Raju as chairman, effective from 24 September 2022. He succeeds K Thanu Pillai. Mr Vishnu Raju is also on the board of Anjani Vishnu Allied Services as a whole-time director and was also previously on the board of Anjani Portland cement as chairman and managing director from 1999-2014. SCL currently has an installed production capacity of 8.25Mta.

Udaipur to raise funds through NCDs

23 September 2022, Published under Cement News

India’s Udaipur Cement Works Ltd has announced that it will raise INR3500m (US$43.2m) in a private placement of non-convertible debentures (NCDs). The proposed date of allotment for 3500 NCDs with a face value of INR1m (US$12,356) each is 7 October 2022, with a maturity date of 16 March 2025. According to The Hindu Business Line, the initial coupon rate will be 7.45 per cent per annum.  Udaipur Cement Works currently runs a 2.2Mta cement works in Udaipur, Rajasthan. The company, a subsi...

Fauji Cement more than doubles revenue in FY2022

22 September 2022, Published under Cement News

Pakistan-based Fauji Cement Company Ltd has reported revenue of PKR54,243m (US$227m) in the year ended 30 June 2022, compared to PKR24,271m in the same period a year earlier. Over the 12-month period, operating profit advanced from PKR5053m to PKR11,982m, while profit for the year improved from PKR3471m to PKR7112m. Earnings per share in the year ended 30 June 2022 came in at PKR3.26, up from PKR2.52 in the year ended 30 June 2021. The company’s board of directors has also approved the s...

Adani Group to double cement production capacity

20 September 2022, Published under Cement News

The Adani Group plans to double its cement production capacity over the next five years, according to Gautam Adani, group chairman. Speaking at an event in Mumbai to mark the closure of Adani Group’s acquisition of Holcim ’s stakes in Ambuja Cements and ACC Ltd , Mr Adani said that he expects capacity to go from the current 70Mta to 140Mta over the course of the next five years. “While India is the second largest producer of cement in the world, our per capita consumption is just 25...

Ambuja Cements welcomes new CEO and CFO

20 September 2022, Published under Cement News

Ambuja Cements Ltd has announced a number of managerial appointments. Effective from 17 September 2022, Ajay Kapur is the company’s new chief executive officer (CEO) and whole-time director, Vinod Bahety is the new chief financial officer (CFO), and Rajiv Gandhi has been appointed company secretary and compliance officer.

Holcim closes sale of India business

16 September 2022, Published under Cement News

Holcim has closed the sale of its business in India to the Adani Group. The deal includes Holcim’s stake in Ambuja Cement at a share price of INR385 (US$4.82) and in ACC at a share price of INR2300, resulting in cash proceeds for Holcim of US$6.4bn, according to Dow Jones. Holcim held a 63.11 per cent stake in Ambuja Cement, which owns 50.05 per cent of ACC, along with a 4.48 per cent direct stake in ACC.  Jan Jenisch, CEO, Holcim, said, “I would like to thank our 10,700 Indian coll...

Gujarat Sidhee Cement temporarily suspends clinker unit

13 September 2022, Published under Cement News

The clinker unit at Gujarat Sidhee Cement Ltd’ s plant in Sidheegram , Gujarat, Inda, will be temporarily shutdown. The stoppage began on 11 September 2022 and will last for 20 days. No reason has been given for the suspension.