Cement News tagged under: India
Jaypee Group’s cement assets up for grabs29 December 2015, Published under Cement NewsJaypee Group is planning for an outright sale of its 20Mt portfolio of cement assets worth an estimated INR190 (US$2.86bn) enterprise valuation. UltraTech, Dalmia Bharat backed by private equity investor KKR and Shree Cement have each been approached to take over Jaypee Group’s cement business. Other private equity firms are also reported to have been approached with a detailed information memorandum of operations. Jaypee Group, one of the top ten most indebted Indian conglomerates with a ... |
Ramco to establish new Odisha grinding unit29 December 2015, Published under Cement NewsChennai-based Ramco Group is planning to establish a 0.9Mta cement grinding plant at Choudwar, district Cuttack, Odisha in eastern India on the Bay of Bengal. The estimated cost of the project is INR4.06bn (US$61.21m). The project has received clearance from the Government of Odisha, with construction set to commence in Q1 2016. |
UltraTech Chhattisgarh mine plan hits hurdle24 December 2015, Published under Cement NewsThe government of the central Indian state of Chhattisgarh has cancelled a no objection certificate (NoC) to UltraTech Cement for a limestone mine in Raipur district. The state government on Tuesday announced it would cancel the certificate required by the cement producer to commission the operation. The mine is interlinked with the company’s integrated cement plant, located in the neighbouring Balodabazar district. The department had granted the conditional NoC on 5 January 2009. The 17... |
UltraTech Cement23 December 2015, Published under Cement NewsUltraTech Cement, along with 10 other companies, was given a reprieve earlier this month when a US$945m fine issued by the Competition Commission of India (CCI) for cartelisation was set aside by the Competition Appellate Tribunal. The original ruling, passed in 2012, was based on complaints by the Builders Association of India accusing the cement producers of colluding to limit production and manipulate cement prices. The tribunal has now requested that the CCI looks into the matter aga... |
Pakistan gypsum shortage concern21 December 2015, Published under Cement NewsAs Pakistan’s cement consumption rises, the country’s cement producers have voiced their concerns about dwindling reserves of gypsum and unchecked exports of the raw material to India. “We believe that gypsum reserves will be exhausted in about seven years, which will pose a challenge to the cement manufacturers in the future,” said Khalid Mahmoud, general manager of the DG Khan Cement plant in Khairpur. Some 1000tpd of raw gypsum are imported from Pakistan by India via the Wagah bord... |
India: Petron Engineering wins contract from Ramco18 December 2015, Published under Cement NewsMumbai-based Petron Engineering Construction Ltd has informed the local stock exchange earlier this week that it has received a Letter of Intent from Ramco Cements for civil and mechanical works relating to the upgrade of Ramco’s Line 1 and a captive power plant at its Jayanthipuram works in the Krishna District of Andhra Pradesh, India. The contract is valued at INR225m (US$3.4m). Ramco Cements Ltd (RCL) (formerly Madras Cements Ltd) has a production capacity of 14.45Mta from its eight cem... |
India: government prepares CCI revival scheme16 December 2015, Published under Cement NewsThe government of India has prepared a revival scheme for the Cement Corporation of India (CCI). Approved by the government and ordered by the Board for Industrial and Financial Reconstruction (BIFR), the scheme envisages the expansion/modernisation of three operating units as well as the closure and sale of seven non-operating units. Of the seven non-operating units, six have been closed since October 2008. (Source: India Info Online). |
Competition Appellate Tribunal sets aside penalty on 11 cement companies14 December 2015, Published under Cement NewsThe Competition Appellate Tribunal of India has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to hear the matter afresh. The Tribunal also allowed the cement manufacturers to withdraw the 10 per cent penalty amount already deposited with the CCI, according to local press reports. The judgement follows appeals filed by the cement firms and their industry body, th... |
Ambuja Cements appoints new CFO, India11 December 2015, Published under Cement NewsAmbuja Cements said it has appointed Suresh Joshi as its Chief Financial Officer (CFO) with effect from February next year. In addition, Christof Haessig was appointed as an Additional Director (Non independent - representing the Promoter Group) on the Board of Directors with effect from 9 December 2015. Haessig, at present, is the Head of Corporate Strategy and Mergers and Acquisitions at LafargeHolcim. |
India: Jaypee Group may sell remainder of cement business08 December 2015, Published under Cement NewsIndia-based Jaypee Group is to offload the remainder of its cement business with disposals expected to be concluded by March, Business Standard (India) reported citing sources familiar with the deal. The proceeds will be used by Jaiprakash Associates to retire a part of its ~INR61,285 crore debt held in 2014-15, down from ~INR72,599 crore in 2013-14. Jaiprakash Associates had earlier sold two cement units in Gujarat and Madhya Pradesh to UltraTech Cement. It also sold its stake in the B... |