Cement News tagged under: Shree Cement
Shree cement expands limestone mining capacity, India11 October 2012, Published under Cement NewsShree Cement is expanding its limestone mining capacity from 11.4Mta to 14.4Mta on a 750ha unit in Ras, district. Pali, Rajasthan. Shree Cement is planning to expand the capacity of its Nimbeti Open Cast Limestone mining project from 17.2Mta to 19.6Mta, at village Ras, district of Pali, Rajasthan. The project is awaiting clearance. |
Nalanda Capital cuts stake in Shree Cement, India09 October 2012, Published under Cement NewsNalanda Capital has sold around half of its holding (3.25%) in Shree Cement. The fund sold around 1.61 per cent or 561316 shares for INR3800.84 per share, aggregating around INR213.33 crore through bulk deal on the Bombay Stock Exchange. Nalanda Capital made around 2x returns from this share sale. It invested in the company between June and September 2011 when the prices were hovering between INR1600-1800 crore. |
Shree puts Karnataka project on hold, to expand Rajasthan works31 August 2012, Published under Cement NewsShree Cement has decided to put its Karnataka project on hold following issues with land acquisition and now plans to expand its Rajasthan cement works. The proposed plant, which would have been Shree Cement’s first venture outside north India, was meant to have a capacity of 6Mt. However, due to the project facing land hurdles, the company plans to expand its existing facility in Rajasthan. “We had a very good quarter. It is time to move ahead. We had plans for moving out of North In... |
Shree Cement to challenge CCI allegation24 August 2012, Published under Cement NewsIn an interview with CNBC-TV18, HM Bangur, Shree Cement’s managing director, said the company will challenge the fine imposed by India’s Competition Commission (CCI). Last month, the CCI gave Shree Cement a INR4000m (US$72.19m) fine for alleged involvement in a price-fixing cartel. In total, 12 Indian cement producers were fined by the CCI. Mr Bangur said, the company was given no chance of a defence. "No questions were asked; suddenly we find a fine on us. Our name was not there, so we w... |
Shree Cement fined by regulator for price fixing, India31 July 2012, Published under Cement NewsShree Cement Ltd has been fined US$72m by the Competition Commission of India (CCI), the watchdog said in a statement, making it the 12th cement company to be fined for cartel practices. Shree Cement has been fined INR3.98bn (US$72m), the equivalent of 50 per cent of its net profit for the financial years ending in 2010 and 2011, the CCI said in the statement. In June, 11 cement makers were fined a combined US$1.1bn by the CCI in June for collusion and price fixing, the biggest penalty... |
Improved prices help raise Shree Cement’s quarterly profit, India16 May 2012, Published under Cement NewsShree Cement, which has a strong presence in the North India market, reported an increase in net profit of INR11.28 crore for the fourth-quarter of FY11-12 (ending March 2012) largely on the back of improvements in demand leading to better price realisation and cost control initiatives. EBITDA rose 42 per cent to INR450.40 crore during the period, the company said in a statement. Turnover, meanwhile, rose 38 per cent YoY to INR1477.85. Cement production increased 29 per cent and during... |