Cement News tagged under: India
L&T files for arbitration proceedings against Zuari Cement, India06 July 2012, Published under Cement NewsEngineering and construction company Larsen & Toubro (L&T) has filed for arbitration proceedings against Zuari Cement, a fully-owned subsidiary of Italcementi, to claim INR188.53 crore in alleged unpaid bills and payment delays, The Indian Express reports "They haven't paid us for the INR269.74 crore civil construction work to build a cement plant in Yerraguntla, Andhra Pradesh, and we have started arbitration proceedings against them," K Jagannathan, legal head at L&T's engineering and con... |
Brazil competition authority approves Camargo purchase of Cimpor05 July 2012, Published under Cement NewsBrazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdings in Cimpor, both Camargo Correa and Votorantim increased their share of Brazil's market. Cade als... |
Holcim Indian cement interests see modest YoY gains03 July 2012, Published under Cement NewsHolcim’s Indian cement companies, ACC and Ambuja Cements have reported modest rises in June shipments and production in June. ACC said shipments in June reached 1.96Mt, up 2.6 per cent from the 1.91Mt a year ago but lower than the 2.05Mt recorded in May. Cement production during June rose 4.23 per cent to 1.97Mt from 1.89Mt a year ago but fell from 2.02Mt in May. During Jan-June, ACC dispatched 12.79Mt of cement compared to 12.18Mt in the corresponding period a year ago. Production dur... |
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... |
Birla Corp mulls Ethiopian cement plant29 June 2012, Published under Cement NewsIndia-based Birla Corporation is considering setting up a cement plant in Ethiopia, according to a senior official. The company has formed a wholly-owned subsidiary, Birla Corp Cement Manufacturing Plc, in the country and secured a limestone mining licence. It has also applied for a coal mining permit, chairman Harsh V Lodha, told reporters at the sidelines of the company’s AGM. “We have formed a subsidiary to apply for the necessary licences. Once we get a coal mining permit, we will ... |
KKR eyes stake in Sree Jayajothi Cements, India28 June 2012, Published under Cement NewsPrivate equity firms Blackstone Group and Kohlberg Kravis Roberts & Co (KKR) are discussing a large stake buy in the cement unit of the Shiram Group, the Times of India reports. Shriram EPC, which took controlling stake in Andhra Pradesh-based Sree Jayajothi Cements, plans to raise more than INR400 crore to boost operations. KKR already holds a stake in another Indian producer, Dalmia Cements. Another US private equity Mount Kellett also met with Shriram on the potential investment oppo... |
Chettinad Cements plans Karikkali plant expansion, India28 June 2012, Published under Cement NewsIndia-based Chettinad Cement is considering the expansion of its Karikkali cement plant in Tamil Nadu from 4.5Mta to 7Mta. According to reports in the Times of India, Chettinad is also planning to increase capacity of its captive power plant from 48MW to 78MW. The company received the Terms of Reference (ToR) from the union environment ministry in March this year and a public hearing for the project was called by the Tamil Nadu Pollution Control Board (TNPCB) also in March. Chettin... |
Andhra Pradesh government clears 13 cement project proposals28 June 2012, Published under Cement NewsThe government of Andhra Pradesh, India, has approved 25 industrial projects proposals including 13 cement plants. The Andhra Pradesh Chief Minister, N Kiran Kumar Reddy, who chaired the State Investment Promotion Board meeting at the Secretariat, approved these proposals. |
Moody's says CCI ruling to hurt Holcim & Lafarge26 June 2012, Published under Cement NewsMoody's has said the Competition Commission of India's (CCI) decision to impose a penalty on 11 cement producers is 'credit negative' for global cement majors Holcim and Lafarge both of which have Indian interests that have been fined. The agency said that the indirect consequences of the CCI decision is more harmful than the cash-outflow due to the penalty. "We believe that indirect credit consequences from the decision will outweigh the cash effect of the fines on Holcim and Lafarge,"... |
Mixed trends for Pakistan cement exports26 June 2012, Published under Cement NewsDuring the first 11 months (July 2011-May 2012) of the current fiscal year, Pakistan exported 7.64Mt of cement and earned US$446.85m compared to 8.44Mt at US$414.773m in the corresponding period of last year. This shows that cement expors fell 9.46 per cent in terms of quantity but rose 7.73 per cent in terms of value on a year-on-year basis, according to data released by Pakistan's Federal Bureau of Statistics. In terms of Pakistan currency, exports rose 12.07 per cent during July-May 20... |