Cement News tagged under: indian subcontinent
Ambuja and UltraTech win legal battle against electricity price hikes27 September 2022, Published under Cement NewsAmbuja Cements and UltraTech Cement are among a number of companies who have won a legal battle against electricity distribution entities in Rajasthan over an increase in cross-subsidy surcharges (CSS). According to The Hindu, the electricity distribution companies buy electricity direct from the power producers and pay the CSS, which is then used to supply power to poor and under-privileged customers. However, as stated in the Electricity Act 2003, the CSS should be “progressively re... |
Sagar Cements welcomes new chairman27 September 2022, Published under Cement NewsIndia's Sagar Cements Ltd (SCL) has appointed Kalidindi Venkata Vishnu Raju as chairman, effective from 24 September 2022. He succeeds K Thanu Pillai. Mr Vishnu Raju is also on the board of Anjani Vishnu Allied Services as a whole-time director and was also previously on the board of Anjani Portland cement as chairman and managing director from 1999-2014. SCL currently has an installed production capacity of 8.25Mta. |
Udaipur to raise funds through NCDs23 September 2022, Published under Cement NewsIndia’s Udaipur Cement Works Ltd has announced that it will raise INR3500m (US$43.2m) in a private placement of non-convertible debentures (NCDs). The proposed date of allotment for 3500 NCDs with a face value of INR1m (US$12,356) each is 7 October 2022, with a maturity date of 16 March 2025. According to The Hindu Business Line, the initial coupon rate will be 7.45 per cent per annum. Udaipur Cement Works currently runs a 2.2Mta cement works in Udaipur, Rajasthan. The company, a subsi... |
Fauji Cement more than doubles revenue in FY202222 September 2022, Published under Cement NewsPakistan-based Fauji Cement Company Ltd has reported revenue of PKR54,243m (US$227m) in the year ended 30 June 2022, compared to PKR24,271m in the same period a year earlier. Over the 12-month period, operating profit advanced from PKR5053m to PKR11,982m, while profit for the year improved from PKR3471m to PKR7112m. Earnings per share in the year ended 30 June 2022 came in at PKR3.26, up from PKR2.52 in the year ended 30 June 2021. The company’s board of directors has also approved the s... |
Adani Group to double cement production capacity20 September 2022, Published under Cement NewsThe Adani Group plans to double its cement production capacity over the next five years, according to Gautam Adani, group chairman. Speaking at an event in Mumbai to mark the closure of Adani Group’s acquisition of Holcim ’s stakes in Ambuja Cements and ACC Ltd , Mr Adani said that he expects capacity to go from the current 70Mta to 140Mta over the course of the next five years. “While India is the second largest producer of cement in the world, our per capita consumption is just 25... |
Ambuja Cements welcomes new CEO and CFO20 September 2022, Published under Cement NewsAmbuja Cements Ltd has announced a number of managerial appointments. Effective from 17 September 2022, Ajay Kapur is the company’s new chief executive officer (CEO) and whole-time director, Vinod Bahety is the new chief financial officer (CFO), and Rajiv Gandhi has been appointed company secretary and compliance officer. |
Holcim closes sale of India business16 September 2022, Published under Cement NewsHolcim has closed the sale of its business in India to the Adani Group. The deal includes Holcim’s stake in Ambuja Cement at a share price of INR385 (US$4.82) and in ACC at a share price of INR2300, resulting in cash proceeds for Holcim of US$6.4bn, according to Dow Jones. Holcim held a 63.11 per cent stake in Ambuja Cement, which owns 50.05 per cent of ACC, along with a 4.48 per cent direct stake in ACC. Jan Jenisch, CEO, Holcim, said, “I would like to thank our 10,700 Indian coll... |
Gujarat Sidhee Cement temporarily suspends clinker unit13 September 2022, Published under Cement NewsThe clinker unit at Gujarat Sidhee Cement Ltd’ s plant in Sidheegram , Gujarat, Inda, will be temporarily shutdown. The stoppage began on 11 September 2022 and will last for 20 days. No reason has been given for the suspension. |
Adani plans management shake-up following takeover12 September 2022, Published under Cement NewsGautam Adani, his son Karan and his nephew Pranav, are expected to join the management boards of ACC Ltd and Ambuja Cements . As part of an overhaul of the top management of both companies, following their takeover by the Adani Group , some existing members of the boards are expected to step down, including the following board members at Ambuja Cements: N S Sekhsaria, chairman, Jan Jenisch, vice chairman, Neeraj Akhoury, managing director and CEO, and Martin Kriegner, director – one sour... |
Indian cement prices forecast to rise12 September 2022, Published under Cement NewsCement companies in eastern India are expected to raise their cement prices in mid-September, according to the Financial Express. Other regions across the country are forecast to follow suit in early October as the monsoon season comes to an end and construction activity resumes. Cement producers have already increased prices by INR15-20/bag (US$018-0.25/bag), an uptick of 4-4.5 per cent MoM, in eastern and western India in the early part of September, but a further rise of INR15/bag is pred... |