Cement News tagged under: indian subcontinent
Holcim closes sale of India business16 September 2022, Published under Cement NewsHolcim 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 unit13 September 2022, Published under Cement NewsThe 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. |
Adani plans management shake-up following takeover12 September 2022, Published under Cement NewsGautam Adani, his son Karan and his nephew Pranav, are expected to join the management boards of ACC Ltd and Ambuja Cements . As part of an overhaul of the top management of both companies, following their takeover by the Adani Group , some existing members of the boards are expected to step down, including the following board members at Ambuja Cements: N S Sekhsaria, chairman, Jan Jenisch, vice chairman, Neeraj Akhoury, managing director and CEO, and Martin Kriegner, director – one sour... |
Indian cement prices forecast to rise12 September 2022, Published under Cement NewsCement companies in eastern India are expected to raise their cement prices in mid-September, according to the Financial Express. Other regions across the country are forecast to follow suit in early October as the monsoon season comes to an end and construction activity resumes. Cement producers have already increased prices by INR15-20/bag (US$018-0.25/bag), an uptick of 4-4.5 per cent MoM, in eastern and western India in the early part of September, but a further rise of INR15/bag is pred... |
Cherat Cement greenfield project likely to be delayed09 September 2022, Published under Cement NewsThe management of Cherat Cement Ltd informed that a letter of credit for the 8000-9000tpd greenfield project at Dera Ismail Khan in Khyber Pakhtunkhwa, Pakistan, has not been opened yet and may be delayed. It added that new letters of credit cannot be opened currently due to State Bank of Pakistan restrictions and economic instability. The cost of the project will be decided once the PKR-US$ partity stabilises, but it is estimated at US$40m. To date, the project has seen ground works s... |
The Ramco Cements Ltd scoops award for Alathiyur plant08 September 2022, Published under Cement NewsThe Ramco Cements Ltd has announced that its Alathiyur plant has been awarded “Gold Medal” in the India Green Manufacturing Challenge 2021-22 by The International Research Institute for Manufacturing (IRIM), India. The award recognises manufacturing firms that have shown consistent progress in improving sustainability factors at a given production facility. Established in 1997, the Alathiyur plant is located in Ariyalur District, Tamil Nadu. It began operations with 0.9Mta capacity b... |
Adani Group scouts for M&A chief08 September 2022, Published under Cement NewsThe Adani Group is looking to recruit a new chief of mergers and acquisitions, replacing Vinod Bahety, who is moving to a new role within the company. According to Financial Express Online, so far this year the Adani Group has agreed to buy Holcim’s cement business in India in a US$10.5bn deal, has promised to invest US$70bn in green energy, and recently launched a hostile takeover of New Delhi Television Ltd. Owner Gautam Adani has been named as the world’s third-richest person, beh... |
Bestway Cement in profit slides during FY21-2207 September 2022, Published under Cement NewsPakistan-based Bestway Cement Ltd has reported a 11.6 per cent decline in company profit to PKR10.239bn (US$45.9m) in FY21-22 (July 2021-June 2022) from PKR11.577bn in FY20-21. Net sales in FY21-22 increased 21 per cent YoY to PKR103.1bn from PKR85.197bn in FY20-21. The fall in profits was due to increased sales tax, excise duty, high cost of sales and income tax expenses. Selling and distribution costs rose from PKR611m in FY20-21 to PKR972m in FY21-22. Administrative expenses also incre... |
Bangladesh sees imports of raw materials rise07 September 2022, Published under Cement NewsThe import of raw materials used in cement production has increased in recent months despite raw material prices increasing. In the July-August 2022 period a total of 5.12Mt of clinker, granulated slag, limestone, gypsum and fly ash were imported. The imports represent a value of BDT23.038bn (US$242.4m), up 34 per cent YoY. Clinker prices have increased 17.5 per cent YoY to US$62.14 on average. To safeguard profit margins cement producers have increased the price per bag on the back of a U... |
Cement capacity outpaces production in Pakistan06 September 2022, Published under Cement NewsPakistan's cement industry saw a fall of 3.6 per cent to 48.011Mt in cement production between July 2021 to June 2022 from 49.79 Mt produced in the year-ago period, says data released by the Pakistan Bureau of Statistics (PBS). While analysts attribute the slide to a range of factors, particularly to blame were high inflation and interest rate, costly raw materials, high cost of doing business and political uncertainty during the production period of last year. FBS data indicates that Pak... |