Cement News tagged under: Indian sub-continent
Bestway Group acquires shares in UNBL UK16 July 2024, Published under Cement NewsBestway Group of the UK, which has a stake as a parent company in cement and bank operations in Pakistan, will notice the exchange of shareholding patterns among two banking businesses in Pakistan and Great Britain. According to AHL Research, United Bank Ltd (UBL operation in Pakistan) has finalised the sale of its 55 per cent stake in United National Bank Ltd UK (UNBL UK) to Bestway Group, having obtained all the necessary and stringent regulatory approvals, ensuring the legality and sec... |
Dealers' strike may impact cement sales and distribution in Pakistan16 July 2024, Published under Cement NewsThe sales and distribution of cement across Pakistan is expected to be significantly impacted due to a strike by one of the stakeholders, effective from 1 July, in protest of negative tax measures taken in Islamabad in the Federal Budget 2024-25. The All Pakistan Cement Distributors Association (APCDA) has informed the government about the impact on the business following the approval of the 2024-25 federal budget and its stringent tax measures. APCDA pointed out that the cement distribu... |
Lindner founds Indian subsidiary05 July 2024, Published under Cement NewsLindner continues its expansion with the foundation of Lindner Recyclingtech Bharat (India) LLP, headquartered in Delhi, India. Together with Chirag Verma, co-owner of Lindner Bharat, and Ganesh Karankal, sales director of plastics recycling, the aim is to develop sustainable recycling solutions for the waste and plastics industry. India produces approximately 62Mta of waste every year and this volume continues to rise. Therefore, the rate of recycling, which varies depending on the type ... |
Pakistan experienced a partial growth in cement dispatches in FY23-2404 July 2024, Published under Cement NewsThe cement industry in Pakistan experienced a minor growth in cement dispatches in FY23-24 due to significant export volume. However, the sector recorded a 12.6 per cent decline in cement dispatches to local and overseas markets in the last month of the FY23-24, with 3.55Mt dispatched compared to 4.06Mt in the same period of the previous fiscal year. Local cement dispatches were 3.08Mt in June 2024, a decrease of 11.7 per cent compared to 3.48Mt in June 2023. At the same time, export dispatc... |
UltraTech commissions Tadipatri production line01 July 2024, Published under Cement NewsUltraTech is commissioning an additional 3.35Mta clinker along with 1.8Mta grinding capacity at its existing unit situated at Tadipatri, Andhra Pradesh, India. The capacity addition forms part of the 22.6Mta capacity expansion announced in June 2022. Furthermore, with debottlenecking, the company has increased the capacity of its grinding unit at Jharsuguda , Odisha, by 0.4Mta taking it to 4.5Mta. As a result, UltraTech’s total cement capacity has reached 154.86Mta. |
Tapping India's CO2 storage potential28 June 2024, Published under Cement NewsThis week the Global Cement and Concrete Association (GCCA) hosted a webinar with the Global CCS Initiative and the Clean Energy Ministerial (CEM) CCUS Initiative following the release of the 'CCUS in the Indian cement industry - A review of CO2 hubs and storage facilities'. While the country with the largest population is committed to achieving net zero by 2070, India currently emits 5.8 per cent of its CO2 emissions from cement manufacture. For the industry to decarbonise, it needs safe st... |
UltraTech Cement poised to buy 23% stake in India Cements28 June 2024, Published under Cement NewsUltraTech Cement says it will buy a 23 per cent stake in Chennai-based rival The India Cements for up to INR18.85bn (US$226m), closing the gap on India's Adani Group. The decision was approved by UltraTech's Board of Directors during a meeting held on 27 June 2024. The investment, which is purely financial and not a related party transaction, is expected to help UltraTech retain a strong presence in the southern part of the country, as Adani firms are attempting to boost its hold in the r... |
Lucky Cement obtains a credit line of PKR8bn26 June 2024, Published under Cement NewsPakistani financial institution and cement conglomerate the United Bank (UBL) and Lucky Cement Ltd announced that the bank will extend PKR8bn (SU$28.7m) to cement producers. Both organisations have yet to feed the material information on the Pakistan Stock Exchange (PSX) website, but both consents appeared in a public message on 25 June. The stand-by letter of credit facility, a financial instrument commonly used in the core business or for project diversification, has been extended by ... |
PIBTL to settle its foreign exchange debt in a couple of years24 June 2024, Published under Cement NewsPakistan International Bulk Terminal (PIBTL) is expected to repay all financial dollar-based loans by June 2026. At a recent conference hosted by Topline Research, Shariq Azam Siddiqui, CEO of PIBTL, and Arsalan I Khan, CFO of PIBTL, shared their expert insights on the company’s operations and the promising outlook for coal and cement handling in Pakistan. They talked about the foreign loan exposure: the foreign loans have been reduced to US$20m and will be further reduced to US$16m by 3... |
Pakistan's cement export growth unabated in 11MFY23-2420 June 2024, Published under Cement NewsPakistan's cement and clinker exports increased by 40.5 per cent in the 11MFY23-24 (July 2023-May 2024) to US$236.79m, from US$168.58m in the 11MFY22-23, the Pakistan Bureau of Statistics (PBS) data said. In Pakistani rupee terms, export revenue saw a significant growth of 61.1 per cent to PKR67.19bn (US$241.1m) during the period, sustained by the local currency's competitive rates against the US dollar. Export volumes advanced 67.1 per cent over the same period to 6.183Mt from 3.7Mt. Exp... |