Displaying items by tag: India
JK Cement to acquire stakes in four energy companies
31 October 2023India: JK Cement has advanced its diversification into the energy sector with four new acquisitions. The Free Press Journal has reported that the cement producer has signed agreements to acquire stakes in CleanMax Matahari, Fourth Partner Energy, Nay Energy and Renewable Energy V.
India: UltraTech Cement announced planned new capital expenditure (CAPEX) investments worth US$1.56bn to grow its production capacity, beginning in the 2026 financial year (1 April 2025 – 31 March 2026). The Telegraph newspaper has reported that the growth will expand UltraTech Cement’s capacity by 13% to 187Mt. 33.8Mt-worth of this (18%) will be in its native West India, 40.4Mt-worth (22%) in East India, 36.2Mt-worth (19%) in North India, 35.7Mt-worth (19%) in Central India and 35.5Mt-worth (19%) in Central India, with the remainder situated overseas. The new capacity consists of four new production facilities and four upgrades to existing facilities, supported by four new cement terminals. The producer says that it will come online in a phased manner, up to an unspecified end date.
Kumar Mangalam Birla, chair of parent company Aditya Birla, said "Over the past seven years, UltraTech has strategically invested over US$6bn to support India's rapidly changing infrastructure landscape. Our fresh commitment of US$1.56bn underscores our deep-rooted belief in India's economic potential. With each investment, we have not only expanded our footprint, but also empowered India in meeting its need for housing, roads and other vital infrastructure."
India: The Supreme Court will hear the case against Adani Group over its alleged financial misrepresentation and stock manipulation on 24 November 2023, 24 days after the previous deferred date of 30 October 2023. BusinessWorld News has reported that the National Financial Reporting Authority (NFRA) is currently ‘scrutinising’ the group's auditors, S.R. Batliboi, while the Securities and Exchange Board of India (SEBI) is investigating British Virgin Islands-based investment fund Gulf Asia Trade & Investment for possible violations of share ownership regulations in connection with the Adani Group.
Adani Group says that it has committed no wrongdoing.
ACC raises sales in first nine months of 2024 financial year
27 October 2023India: ACC recorded sales of US$1.16bn during the first half of its 2024 financial year that started in April 2023. This represents a year-on-year rise of 14% from US$1.02bn in the first half of the previous financial year. Cement sales grew by 15%, to US$1.08bn, 94% of total sales. The company’s raw materials costs rose by 16% to US$185m, while its power and fuel costs fell by 24% to US$241m, failing to offset a 5% rise in overall costs, to US$1.06bn. As such, ACC reported a profit after tax of US$102m, up by a factor of six from nine-month 2023 financial year levels.
J Raja Reddy appointed as company secretary of Sagar Cement
25 October 2023India: Sagar Cement has appointed J Raja Reddy as its company secretary and compliance officer with effect from 11 November 2023. He succeeds R Soundararajan in the post, following his retirement for health reasons. Reddy has worked for Sagar Cement since 2013 and is currently working as the company’s assistant company secretary.
India: Udaipur Cement Works commissions second kiln line at its Udaipur cement plant in Rajasthan. Reuters has reported that the new line doubles the plant’s clinker capacity to 3Mt/yr.
Sagar Cements grows sales in first half of 2024 financial year
20 October 2023India: Sagar Cements reported sales worth US$136m in the first half of the 2024 financial year. This corresponds to a year-on-year rise of 9.1% from US$124m in the first half of the previous financial year. The producer recorded a loss for the period of US$6.31m, down by 3.9% from US$6.57m. This was in spite of a 7.8% rise in its total costs, to US$148m.
India: Adani Group has reportedly indicated an interest in acquiring the 1.2Mt/yr Shahabad cement plant in Karnataka from Jaiprakash Associates. The plant is the subject of an as yet incomplete deal between Jaiprakash Associates and Dalmia Bharat for the transfer of the former’s cement and power plants for US$671m.
The Business Standard newspaper has reported that Adani Group is in talks with ‘several companies’ over possible bolt-on acquisitions, with a view to doubling its cement capacity to 140Mt/yr by the end of 2028.
India: CK Birla Group has approached Adani Group as a possible buyer for its 38% stake in Orient Cement. Mint News has reported that CK Birla Group has previously rejected offers from other local cement producers for the stake. The group is reportedly seeking ‘double’ its market value of US$466m.
Orient Cement plans to make capital expenditure investments worth US$120m/yr up to the end of the 2025 financial year on 31 March 2023.
Grasim Industries to raise funds for growth and diversification
17 October 2023India: Grasim Industries has secured board approval for an issuance to raise up to US$480m. Local press has reported that the producer will use the proceeds for planned capital expenditure investments, including in the paints sector, as well as to repay existing borrowings and for ‘general corporate’ purposes.