Cement News tagged under: Adani Group
Adani Group refutes allegations of fraud21 November 2024, Published under Cement NewsAdani Group has strongly refuted the allegations made by the US Department of Justice and the US Securities and Exchange Commission against its chairman Gautam Adani, and other executives, in connection with a multibillion-dollar fraud scheme. US authorities allege that Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about US$265m in bribes to Indian government officials to obtain contracts expected to yield US$2bn of profit over 20 years, and deve... |
Adani group acquires Orient Cement22 October 2024, Published under Cement NewsAmbuja Cements , part of the Adani Group , has agreed to acquire Orient Cement Ltd at the equity value of INR81bn (US$963.4m). This binding agreement set Ambuja to acquire a 46.8 per cent stake in Orient Cement. This acquisition will add 16.6Mta capacity, accelerating Ambuja’s journey to an operational capacity of over 100Mta in FY24-25. The target capacity of the group is 140Mta by 2028. This acquisition will provide an additional capacity of 6Mta in north India, leveraging Orient Cemen... |
Ambuja leads the industry in joining Alliance for Industry Decarbonisation04 October 2024, Published under Cement NewsAmbuja Cements , part of the Adani Group , has become the first cement manufacturer globally to join the Alliance for Industry Decarbonisation (AFID). The AFID, coordinated by the International Renewable Energy Agency (IRENA), seeks to accelerate the transition to Net Zero for energy-intensive industries in line with the Paris Agreement. Ambuja has set a target to achieve Net Zero emissions by 2050, with its targets validated by the Science Based Targets initiative (SBTi). As part of it... |
Ambuja is first global cement company to join Alliance for Industry Decarbonization26 September 2024, Published under Cement NewsAmbuja Cements , part of the Adani Group, has become the first cement company in the world to join the Alliance for Industry Decarbonization (AFID). The alliance, coordinated by the International Renewable Energy Agency (IRENA), is aimed at accelerating the transition to Net Zero in energy-intensive sectors in line with the Paris Agreement. This move underscores Ambuja's commitment to achieving Net Zero by 2050, with its targets validated by the Science Based Targets initiative (SBTi). I... |
Adani Group to set up new cement grinding unit29 August 2024, Published under Cement NewsAdani Group has announced plans to set up a 2Mta cement grinding unit in Guna, Madhya Pradesh, India. At the same time, the group is going to develop a state-of-the-art propellant production facility at Shivpuri, announced Karan Adani, CEO of Adani Ports and SEZ Ltd. The two projects for the construction of cement grinding and propellant production units, would result in an investment of INR35bn (US$417.2m), and create over 3500 direct and indirect jobs. These announcements were made in... |
Adani Group holding company sells US$500m stake in Ambuja Cements Ltd23 August 2024, Published under Cement NewsHolderind Investments, an Adani Group -owned company, is selling US$500m worth of shares in Ambuja Cements Ltd , according to a Reuters report released on 22 August 2024. Holderind is selling the 2.84 per cent stake in the Indian cement giant on 23 August, at a floor price of INR600 (US$7.14) per share. As of 30 June 2024, Adani Group held a 70.33 per cent stake in Ambuja, according to market data. Holderind’s 50.9 per cent stake in the cement manufacturer represents the majority ... |
Kiln Services Pvt Ltd completes Ambuja ball mill project12 August 2024, Published under Cement NewsKiln Services Pvt Ltd has executed a cement ball mill job for Ambuja Cement Ltd’ s Roorkee plant ( Adani Cement group ). The job has been carried out within the stipulated time and the ball mill started and is running successfully without any abnormalities. The scope of work at Roorkee includes replacement of locating ball mill tyre, reversal of girth gear and alignment, plus replacement of pinion with bearing. |
Ambuja Cements posts profit growth in June 2024 quarter31 July 2024, Published under Cement NewsAmbuja Cements Ltd , part of Adani Cement , has reported total income of INR49,361m (US$589.4m) in the quarter ended 30 June 2024, down slightly from the INR49,571m seen in the previous quarter, but up marginally from the INR49,191m posted in the quarter ended 30 June 2023. Profit before tax fell from INR8665m in the June 2023 quarter to INR6810m in the quarter ended 31 March 2024, before recovering to INR7675m in the June 2024 quarter. Profit after tax over the same time frame fell fro... |
Adani Group sets US$3bn aside for multiple cement acquisitions14 June 2024, Published under Cement NewsThe Adani Group is planning several potential acquisitions within the cement sector. These include Hyderabad-based Penna Cement , Jaiprakash Associates’ cement business, Gujarat’s Saurashtra Cement, and Vadraj Cement (owned by ABG Shipyard). The group has allocated US$3bn for these acquisitions, demonstrating its commitment to a bold inorganic growth strategy as it attempts to become the largest cement producer in India. Adani Cement is currently the second-largest producer in I... |
Ambuja Cements commissions unloader at Karanja Port to speed up deliveries23 May 2024, Published under Cement NewsAmbuja Cements has commissioned a bulk cement vessel unloader at Karanja Port, India. According to BusinessLine, the investment has been made to enable the company to easy transport cement from its Sanghipuram plant to Mumbai. It forms part of Ambuja’s ongoing efforts to optimise operational efficiency, reduce logistics challenges, and provide its customers with a seamless supply chain. By reducing the lead time to delivery, Ambuja hopes to help meet cement demand in Mumbai, which is ... |