Cement News tagged under: Binani Cement
Binani reportedly in talks to sell Rajasthan grinding unit12 February 2015, Published under Cement NewsBinani Cement is in discussions to sell its 1.2Mta grinding unit at Neem Ka Thana, Rajasthan, to reduce debt. The company is looking for prospective buyers and is hoping to complete the sale after March, a source told Cogenis news. UltraTech Cement is said to be among the parties interested in the acquisition. Binani Cement expected to raise INR4bn (US$64.2m) through the sale of the northern Indian unit, which will be used to repay loans, according to the report. Parent company Binani Ind... |
India: local tax on coal mines to hit cement firms24 March 2014, Published under Cement NewsIndia's coal ministry has tabled a proposal that cement, steel and sponge iron companies that have captive coal mines have an undue advantage, and this could be offset with a new tax. The rationale behind the coal ministry's proposed increase in taxes on cement and steel companies that own coal mines is that, while they are insulated from the market vagaries as far as this key input is concerned, their output prices are market determined, leading to an undue advantage. The exact amount of ... |
Binani Cement appoints new MD26 November 2013, Published under Cement NewsBinani Cement Ltd, part of the Braj Binani Group, has appointed Jotirmoy Ghose as its new managing director. “Jotirmoy’s vast expertise of global operations and new market developments fit perfectly with Binani Cement’s plans of deepening its roots into new global markets where it is currently expanding,” Braj Binani, Chairman — Braj Binani Group, said in a statement. Commenting upon his new role, Ghose said: “I am pleased to get associated with one of India’s oldest business groups a... |
India: Binani seeks power entry30 September 2013, Published under Cement NewsTheh Binani group is planning to enter the power generation sector, mostly through acquisitions. The Indian company already has a presence in cement, zinc and glass fibre sectors, but sees the energy market as its next logical way to progress. Binani Industries, the listed entity of the group, is the holding company for Binani Cement and Binani Zinc, both of which were delisted from the bourses. The group has already begun a process of transferring group holding outfit Binani Industries' 1... |
Binani Industries plans to sell 40% stake in cement arm, India21 February 2013, Published under Cement NewsBinani Industries in talks to sell up to a 40 per cent stake in its subsidiary Binani Cement to raise capital to cut debt and expand cement capacities. The company is said to be in talks with potential financial investors such as JP Morgan and state-owned funds, according to latest reports by the Economic Times. Ernst & Young (E&Y), Braj Binani’s group banker for the transaction, has been in talks with prospective investors, two sources disclosed. In response, Sunil Sethy, executive v... |
Binani Cement abandons Mauritius project24 October 2012, Published under Cement NewsIndian cement maker Binani Cement has pulled the plug on its Mauritius project. A key issue cited by the company are the lack of area granted to the company by the Mauritius Port Authority. Rajesh Kumar Bagri, director of Binani Cement, says: "We will receive only four hectares from the Mauritius Ports Authority for the cement. This is not enough. Initially, there was talk that 6.5ha would be available to us. " In addition, a challenge to the licence obtained after the Environmental Impa... |
Fitch migrates Binani Cement to non-monitored, India02 July 2012, Published under Cement NewsFitch Ratings has migrated India-based Binani Cement Limited's (BCL) National Long-Term 'Fitch A(ind)' rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch A(ind)nm' on the agency's website. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of BCL. The ratings will remain in the non-monitored category for a period of six months and b... |