Cement News tagged under: india
India: local tax on coal mines to hit cement firms24 March 2014, Published under Cement NewsIndia's coal ministry has tabled a proposal that cement, steel and sponge iron companies that have captive coal mines have an undue advantage, and this could be offset with a new tax. The rationale behind the coal ministry's proposed increase in taxes on cement and steel companies that own coal mines is that, while they are insulated from the market vagaries as far as this key input is concerned, their output prices are market determined, leading to an undue advantage. The exact amount of ... |
India: ACC lined up to buy into two cement joint ventures24 March 2014, Published under Cement NewsACC (Holcim) is likely to buy Jaypee Group 74 per cent stake in two separate cement joint ventures with state-owned steel maker Steel Authority of India Ltd, according to the Business Standard. The two joint ventures are located at Bhilai (Chhattisgarh) and Bokaro (Jharkhand) with a total capacity of just over 4Mta. Jaypee Group has been struggling with debts and has been in talks with ACC to hive off some assets. In a BSE filing, Jaypee Group said its Board would meet "to consider stake ... |
Sagar denies Vicat buy-out talks20 March 2014, Published under Cement NewsSagar Cements Ltd has denied reports that it is in talks to sell its 47 per cent stake in its Vicat Sagar joint venture. The Economic Times newspaper earlier reported, citing unnamed sources, Vicat had started talks with Sagar to buy out its Indian partner in the joint collaboration which started production last year. "We wish to deny the contents relating to our company in the said news item, which are speculative in nature," Sagar Cements said in a statement to the stock exchanges. |
Hi-Bond Cement to set up Rajasthan works, India17 March 2014, Published under Cement NewsHi-Bond Cement plans to set up a greenfield plant in the state of Rajasthan to tap the north Indian market. The company has approached the Rajasthan government with a proposal for the plant, which is expected to have an initial capacity of 3Mta, and has identified seven locations in the state, Rajan Vadalia, managing director of Hi-Bond Cement told Business Standard (India). The project cost is estimated to be INR1300 crore, 60 per cent of which the company will fund by itself and the rem... |
Emami Cement places order with Gebr Pfeiffer for five mills14 March 2014, Published under Cement NewsGebr Pfeiffer SE and its Indian subsidary Gebr Pfeiffer (India) has received a contract from Kolkata-based Emami Cement Ltd for four MVR mills and an MPS mill for coal grinding. Emami Cement, a newcomer to the cement industry, is setting up a greenfield cement works in Chhattisgarh state. The Gebr Pfeiffer order covers an MVR 6000 R-6 roller mill with an installed drive power of 6700kW for raw material grinding. This mill is designed to yield 610tph of raw meal, with the difficult-to-g... |
Fitch Affirms Holcim rating, outlook stable13 March 2014, Published under Cement NewsFitch Ratings has affirmed the Long-term Issuer Default Ratings (IDR) of Swiss cement major of Holcim as at BBB. The outlook is stable. The ratings agency said the affirmation reflects Holcim's leading market positions as one of the world's largest cement producers and its improving financial profile. The group reduced leverage to 3.5x in 2013 from 4.2x in 2011 (on a fully consolidated basis), supported by in excess of CHF1bn in non-core net asset disposals over the past two years. Earning... |
Chettinad to acquire stake in Anjani Portland13 March 2014, Published under Cement NewsChettinad Cement Corp Ltd has entered into a share purchase agreement to acquire up to 61.74 per cent stake in Hyderabad-based Anjani Portland Cement Ltd for INR700m from the promoters of the company. The deal has been struck at INR 61.75/share. It has also initiated an open offer as per SEBI takeover norms. Chettinad Cement has said that its agreement with promoters of Anjani Portland has a built-in flexibility to ensure that its holding is limited at 75 per cent, the maximum allowed for... |
Sonadih plant wins Safety, Health and Environment award, India12 March 2014, Published under Cement NewsLafarge India's Sonadih cement plant has been awarded the Safety, Health and Environment' (SHE) Award under the large-scale industry category by the Confederation of Indian Industries (CII), Eastern Region. The Lafarge India team was recognised for implementing initiatives like leadership, empowerment of its plant team, engagement programmes with employees and contractors, on-site practices, internal mechanisms, strategic vision and Industrial Safety, Health and Environment objectives at t... |
Chettinad Cement in acquisition talks - report10 March 2014, Published under Cement NewsChettinad Cement is to acquire Anjani Portland Cement, according to local press reports. Citing sources familiar with the situation, Business Line India reported that the deal is expected to be formalised soon. The acquisition would give Chettinad Cement a company a significant presence in the Andhra Pradesh market. Anjani Cements has over 1.2Mta capacity in its two plants in Nalgonda district of Andhra Pradesh. It also has plans to establish a greenfield unit in Karnataka. |
Reliance begins serving the Uttar Pradesh market10 March 2014, Published under Cement NewsReliance Cement has expanded its footprint in the Indian market by launching its products into Uttar Pradesh. Commenting on the developments, Arvind Pathak, CEO Reliance Cement, said: “Uttar Pradesh is one of the largest cement consuming states in the country with total consumption of around 26Mta. With the ever increasing industrial activities, real-estate, construction and infrastructure, in addition to the onset of various Special Economic Zones (SEZs) being developed in Uttar Pradesh th... |