Cement News tagged under: India
BNP Paribas maintains 'deteriorating' outlook on Indian cement sector25 June 2012, Published under Cement NewsBNP Paribas has maintained its ‘deteriorating’ outlook on the Indian cement sector given its weak macroeconomic outlook, high interest rates, continuing oversupply situation, cost inflation and ongoing regulatory overhang. The Economic Times of India reported that cement stocks have been witnessing pressures since the Competition Commission of India (CCI) imposed a penalty of US$1.1bn on 11 cement companies last week. The fines is 50 per cent of the companies’ net profit for FY10 and FY... |
UltraTech Cement receives environmental approval for expansion25 June 2012, Published under Cement NewsUltraTech Cement has received environmental clearance for its expansion plans for two of its plants in Madhya Pradesh. The Environment Ministry has given clearance for UltraTech to its clinker plant from 3.59Mt to 6.2Mta and its cement plant from 4Mta to 10.33Mta. The company also plans to expand its captive power plant from 46MW to 122MW. The plants are located in Damodarpura and Khor villages in Neemuch district of Madhya Pradesh. |
Holcim to contest Indian price fixing fine22 June 2012, Published under Cement NewsHolcim has said will defend the position of its two Indian units on the penalties imposed by the Competition Commission of India (CCI) for price fixing. Yesterday, the CCI announced that it would fine 11 Indian producers a total of US$1.1bn, stating that they had created an artificial cement shortage “so as to reduce supplies and raise prices in times of higher demand," it said in its judgment. The ruling applies to Holcim group companies ACC and Ambuja Cements (ACL), which have been fi... |
Indian producers issued with record fine on price fixing21 June 2012, Published under Cement NewsEleven Indian cement producers have been issued a total fine of INR60bn (US$1.1bn) for price fixing, the highest ever fine issued by the country’s antitrust authority in its three-year existence. The Competition Commission of India (CCI) said in its ruling that the companies colluded to underuse their plants and create an artificial cement shortage. "The commission has found that the cement companies have not utilised the available capacity so as to reduce supplies and raise prices in tim... |
Indian producers face alleged cartel fines20 June 2012, Published under Cement NewsThe Competition Commission of India (CCI) is expected to soon impose fines over alleged price collusion in the industry. According to local press reports, the CCI is expected to fine 11 large cement manufacturers approximately INR3000crore for being guilty of a price cartel. Business Standard of India quoted an unnamed source as saying: "The Competition Commission of India has found 11 cement firms guilty of cartelisation. The penalty of eight per cent of their three years' average turn... |
Reliance MF hikes stake in Madras Cements, India19 June 2012, Published under Cement NewsReliance Mutual Fund has increased its stake in India-based producer Madras Cements to just over five per cent with the acquisition of 90,000 shares. With this acquisition on 14 June, the Chennai-based cement maker said the fund house's holding in the company now stands at 5.01 per cent, or 1.193 crore shares, according to a Bombay Stock Exchange filing by Madras Cements. Reliance Mutual Fund is a part of Reliance Capital, the financial services arm of Anil Ambani Group. (Source: Press Tr... |
India Cements receives approval for future expansion19 June 2012, Published under Cement NewsIndia Cements has received approval from the environment ministry as it gathers the necessary approvals for the possible expansion of its existing plants. The Times of India reports that the company sought the Terms of Reference (TOR) approval to expand capacity at its Dalavoi and Sankari cement works in Andhra Pradesh. India Cements has noted, however, that this is only an initial step and that the actual expansion projects have not been finalised. “We are getting the required approva... |
Karnataka Cabinet approves land for cement plant18 June 2012, Published under Cement NewsThe Karnataka cabinet has cleared the proposal of JK Cements to acquire additional land for setting up a cement plant. Economic Research of India states that the company will acquire 278 acre for their own industrial use at Mudepura in Bagalkot district where it is already investing in a cement plant. Earlier, the state high level clearance committee had also cleared JK Cement's proposal to set up a unit to produce ordinary Portland cement, Portland Pozzolana cement, and Portland slag c... |
Lafarge, UltraTech eye Jaiprakash units, India15 June 2012, Published under Cement NewsAditya Birla Group and Lafarge are separately in talks to buy Jaiprakash Associates cement units, the Economic Times reported on Friday. Officials from Lafarge and the Aditya Birla Group-controlled UltraTech Cement Ltd, Indias biggest cement producer, have completed preliminary talks and final bids are expected shortly, the newspaper said, citing sources with knowledge of the development. Jaiprakash has spun off its cement units in the western state of Gujarat and southern state of And... |
VSP plans slag-based cement plant, India14 June 2012, Published under Cement NewsVisakhapatnam Steel Plant (VSP) is planning a slag-based steel plant with a plan outlay of about INR2000 crore, Business Standard of India reports. VSP is generates over 800,000t of slag every year as a by-product, of which some 1000 tonnes are being exported. “To fully utilise the slag and fly-ash, the management is now seriously looking at starting a slag-based cement plant,” NS Rao, director (projects), VSP, told reporters here on Wednesday. “We want to set up this cement plant with pri... |