Cement News tagged under: UltraTech Cement
UltraTech seeks clarity on Binani Cement bidding process07 March 2018, Published under Cement NewsUltraTech has approached the National Company Law Tribunal (NCLT) in Kolkata, seeking clarity on the evaluation of bids for Binani Cement, according to India Info Online. Dalmia Bharat outbid the company by approximately INR1bn (US$15.39m) to eventually win the assets. However, it has been reported that parameters such as the company’s background, experience and ability to pay upfront cash to secured lenders were taken into account. Binani Industries (BIL) has also petitioned the NCLT, cl... |
Dalmia Bharat wins bid for Binani28 February 2018, Published under Cement NewsDalmia Bharat Cement Ltd won the bid for Binani Cement on Tuesday, despite UltraTech Cement submitting an almost identical offer. The panel supervising the insolvency proceedings of Binani approved Dalmia’s resolution plan, which was backed by the Bain Piramal Resurgence Fund. Dalmia is expected to invest INR67bn (US$1.03bn) in Binani over a period of time. It has been alleged that UltraTech missed the opportunity due to concerns raised about penalties issued by the Competition Commissi... |
UltraTech and Dalmia Bharat highest bidders in Binani Cement deal19 February 2018, Published under Cement NewsUltraTech Cement and Dalmia Bharat-Bain Piramal Resurgence Fund consortium are leading the bids for Binani Cement, according to Indiainfoline. Both partieshave submitted bids of approximately INR60,000m (US$927.9m). For the final decision to be made by the creditors, both the bidders are asked to furnish additional details pertaining to their bids. In addition, UltraTech is required to provide information on a Competition Commission of India (CCI) penalty. In 2016, CCI imposed a penalty of ... |
UltraTech to be supplied with alternative fuel05 February 2018, Published under Cement NewsThe Tiruchi City Municipal Corporation (TCMC) has set an agreement with an environmental organisation to supply alternative fuel (AF) processed from fresh dry waste to UltraTech’s Ariyalur facility. While preventing a build-up of waste in its dump, the corporation’s project will also generate 12,000t of AF over the next two years, according to The Times of India. TCMC has contracted IL&FS Environmental Infrastructure & Services Ltd to segregate the waste. Only waste having a calorific val... |
UltraTech Cement receives approval for mining project01 February 2018, Published under Cement NewsUltraTech Cement has received approval for its limestone mining project in Bhavnagar, Gujarat. The company plans to invest INR600m (US$9.4m) to mine a 632ha area, with a production capacity of 2.07Mta. The total reserves of the mine are estimated at 63.58Mt and has a life expectancy of 32 years, according to India Info Online. The Environment Ministry has provided conditions to its consent, such as the rehabilitation of 147 families. UltraTech will use the non-conventional opencast mechan... |
UltraTech reports 37% volume jump in 3QFY1819 January 2018, Published under Cement NewsUltraTech Cement Ltd, an Aditya Birla Group Company, has announced its unaudited financial results for the quarter ended 31 December 2017 (3QFY18). Net sales stood at INR78,970m (US$1.23bn) as compared to INR59,270m (US$145.4m) in the corresponding period of the previous year, the company statement read. EBITD was INR14,940m vis-à-vis INR12,800m in the corresponding period of the previous year. Profit after tax was INR4560m as against INR5950m in 3QFY17. On a standalone basis, net ... |
UltraTech reports rise in net sales18 January 2018, Published under Cement NewsUltraTech Cement Ltd has announced that its net profit decreased by 25 per cent YoY to INR4.21bn (US$65.98m) in the October-December quarter of 2017. However, net sales of the company rose 35 per cent to INR75.8bn in the same period, according to Bloomberg. EBITDA increased by 13.9 per cent to INR12.6bn in the 3QFY18, when compared to the corresponding period of the previous financial year. "The quarter witnessed an increase in variable costs attributable to the rise in pet coke and coa... |
UltraTech to take waste of railway workshop17 January 2018, Published under Cement NewsUltraTech Cement has entered into an agreement with Golden Rock Railway Workshop based in Tamil Nadu, to take its waste for co-processing. The workshop expects to provide Ultratech with approximately 400t of zero-value non-hazardous waste over the next 3-6 months, according to The Hindu. "It is a win-win situation for both organisations as the zero-waste would serve as an alternative fuel in the cement kiln," said a senior workshop official. The waste had accumulated at the workshop pr... |
UltraTech Cement receives award at NCCBM20 December 2017, Published under Cement NewsUltraTech Cement received an award at the National Council for Cement and Building Materials (NCCBM) award ceremony on 8 December 2017. The Indian cement producer's Kotpuli Cement Works received the ‘Best Thermal Energy Performance for 2016-17’ award within the ‘Energy Efficiency’ category. Alongside this, the company’s Vikram Cement Works received second place within the ‘Quality Excellence’ category. Kotpuli Cement Works had undertaken a series of initiatives to reduce thermal energy... |
UltraTech Cement to build new Rajasthan plant and new Satna limestone mine11 December 2017, Published under Cement NewsUltraTech Cement have announced a decision to construct a 3.5Mta integrated cement plant in Pali, Rajasthan. The cement plant represents an investment of INR18.5bn (US$287.4m) and is expected to begin commercial production by June 2020, according to The Hindu. UltraTech's new plant will supply the market in western Rajasthan and bring the company to a total of 50 plant locations across India. In addition, UltraTech Cement is planning a limestone project and crushing unit at Tehsil Ra... |