Cement News tagged under: india
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... |
Sanghi Industries swings to full year profit, India30 August 2012, Published under Cement NewsIndia-based cement producer Sanghi Industries Ltd reported a net profit in fiscal year 2011-12 compared to a loss in the previous year as margins and sales improve in the fourth quarter. The company reported a net profit of INR81.87 crore for the fiscal year ended 30 June 2012 compared to a loss of INR29.55 crore in the previous fiscal. Net sales rose 8.3 per cent to INR974.07 crore in FY11-12 compared to INR899.48 crore a year earlier. Commenting on the financial performance of the c... |
Zuari agrees to pay lump sum in L&T dispute, India28 August 2012, Published under Cement NewsZuari Cement, a subsidiary of Italian cement major Italcementi, has agreed to pay a lump sum to settle an acrimonious dispute with engineering and construction company Larsen & Toubro (L&T) over unpaid bills, the Economic Times of India reports citing sources familiar with the situation. The amount Zuari Cement is set to pay is undisclosed. Last month L&T filed for arbitration proceedings against Zuari Cement to claim INR188.5 crore in unpaid dues and payment delays. L&T alleged that Zuari ... |
Citi Venture Capital International interested in Shriram Group investment28 August 2012, Published under Cement NewsCiti Venture Capital International (CVCI) is reportedly holding talks to invest INR400crore in the cement unit of southern conglomerate Shriram Group, according to reports in the Times of India. The Shriram Group initiated the process to sell a stake in Sree Jayajothi Cement which it had previously acquired a 70 per cent stake in earlier this year following the conversion of loans into equity. Private equity companies like Blackstone, Kohlberg Kravis Roberts & Co and Mount Kellet, had shown... |
CRH to buy 51% in Jaypee's Gujarat units for INR21bn (US$378.9m)24 August 2012, Published under Cement NewsIrish building materials group CRH is set to pick up a controlling 51 per cent stake in the cement operations of Jaiprakash Associates in Gujarat for an enterprise value of INR42bn. CRH will also be able to increase its holding to 65 per cent over the next three years at a pre-fixed price via a call option. “CRH will have the option of picking up an additional 14 per cent from Jaiprakash Associates at the current price plus a 16 per cent annualised return or at a fair price determined ... |
India: protesters ask for cement factory restart24 August 2012, Published under Cement NewsMembers of the Cement Corporation of India (CCI) staged a protest outside the residence of Union Labour Minister M Mallikarjun Kharge here on Wednesday demanding that steps be taken to restart the CCI factory at Kurkunta village in Sedam Taluk. Protesters said the factory was closed down in 1998. Of the 430 workers, only 87 got their gratuity. The managing director of CCI had promised in 2010 that the unit would be restarted in a few months, but it did not happen, they added. |
India's Ultratech Cement plans to raise INR2.5bn via bonds24 August 2012, Published under Cement NewsUltratech Cement is planning to raise INR2.5bn (US$44.84m) through five-year bonds at 9.15 per cent, a source with direct knowledge of the deal said on Thursday, according to Reuters. |
India: Burnpur Cement signs MOU for Patratu project23 August 2012, Published under Cement NewsBurnpur Cement Ltd (BCL), one of the largest integrated cement plants in eastern India, today signed a Memorandum of Understanding (MoU) with the Jharkhand government for setting up an 800tpd integrated cement plant at Patratu with a total investment of about INR2bn (US$36.2m). Following the signing of the MoU, the Jharkhand government formally allotted the limestone mines at Benti Bagda near Patratu Plant to BCL to start the mining activities there without delay. "The first phase of c... |
India: builders protest against high cement prices23 August 2012, Published under Cement NewsIn a statewide protest organised by the Builders’ Association of India, builders in Coimbatore voiced their opinions on a protest rally on Tuesday, demanding measures by the state government to bring down cement prices and calling for a regulatory cement authority to be formed at the national level. Cement prices are INR330 (US$5.98)/bag now as against INR275/bag six months ago. Though the Tamil Nadu Cements Corporation was supplying cement at INR 260/bag even now, the cement companies ha... |
India: Chincholi to receive giant cement plant21 August 2012, Published under Cement NewsShiva Shankar Minerals Limited has successfully approached the government for permission to construct a 3.5Mta cement plant on 1500 acres of land at Burigpally and Ghanapur, Chincholi Taluk. The huge cement factory and a 50MW captive power generation unit require an investment of INR22.5bn (US$405.372m). Officials added the completed factory will require 6Ml of water a day — which will have to be drawn from the Mullamari River. In addition, the plant will require 89,500kVA of power from th... |