Displaying items by tag: JK Cement
JK Cement launches in Bihar
08 April 2024India: JK Cement has entered the East Indian market with the official launch of its grey cement business in Bihar. The company's initial phase targets nine districts in Southern Bihar, introducing its flagship JK Super Cement.
Deputy managing director and CEO Madhavkrishna Singhania said “Our initial focus will be on covering nine districts of Southern Bihar. With the upcoming Prayagraj plant coming online, we plan to swiftly expand our reach to encompass other districts in the near future. Additionally, we are actively exploring the possibility of setting up a plant in Bihar by 2025, further solidifying our commitment to the region."
KLL expands operations in Varanasi and Madhya Pradesh
11 March 2024India: Kaushalya Logistics Limited (KLL) has initiated operations of a hub depot in Varanasi for JK Cement. The depot, operational since 1 March 2024, is a significant expansion for KLL, enabling it to cater to the entire Bihar region and reinforcing its presence in the cement industry. KLL has also announced the decision to begin operations of a depot for Adani Cement in Madhya Pradesh. This is expected to commence in early to mid-2024.
Uddhav Poddar, Managing Director of KLL, said "KLL has reached notable milestones, commencing operations at a new Hub depot in Varanasi exclusively for JK Cement, effective 1 March 2024. This move signifies a significant stride in KLL's commitment to excellence and strategic expansion within the cement logistics sector.”
JK Cement completes acquisition of Toshali Cements
22 February 2024India: JK Cement Ltd has completed the acquisition of a 100% stake in Toshali Cements. The parties concluded their agreement in June 2023, at which time the value of the deal was reportedly US$19m.
Toshali Cements operates a 200,000t/yr cement plant and a 435,000t/yr grinding plant, both in Odisha.
JK Cement receives show cause notice requesting US$279,000
05 January 2024India: The Office of the Deputy Commissioner of Income Tax, Kanpur, Uttar Pradesh, has issued a show cause notice to JK Cement with regard to possible short payments, non-payments or erroneous refunds, including associated interest, worth US$279,000.
Reuters has reported that the company expects ‘no material impact’ on its operational, financial or other activities due to the notice.
JK Cement announces death of Jitendra Singh
15 November 2023India: JK Cement expressed its heartfelt condolences to the family of Jitendra Singh, who died in Meerut, Uttar Pradesh, on 12 November 2023. Singh was formerly chief information officer at the company. He served from August 2016 to August 2023.
JK Cement said that Singh made an ‘unerasable mark’ on the group. It added “The technology industry has been subjected to loss as it lost a respected leader. The sudden nature of Mr Singh’s demise has left a void that will be challenging to fill. The condolences pour in not only from colleagues and industry peers but from all those who had the privilege of interacting with him.”
India: JK Cement raised its second-quarter sales in the 2024 financial year by 23% year-on-year to US$331m. Over the same period, its profit grew by 62% to US$21.4m.
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.
JK Cement sets up distribution deal with Vakrangee Kendra
10 October 2023India: JK Cement has agreed a partnership with Vakrangee to sell cement through the Vakrangee Kendra network. The franchise provides a range of services including banking, insurance, commerce and government services from over 21,000 locations in 32 states and union territories. Many of the outlets provide digital services in so-called ‘underserved’ rural, semi-urban and urban locales.
India: JK Cement laid the foundation stone of its upcoming 2.5Mt/yr Prayagraj grinding plant in Uttar Pradesh on 29 August 2023. The plant will cost around US$60m. The company expects to complete the project in the 2025 financial year, which begins on 1 April 2024. This will increase the producer’s grey cement capacity by 11%, to 25Mt/yr. Its ‘medium-term’ capacity goal is a further 20% growth, to 30Mt/yr.
India: JK Cement’s sales were US$3.31bn during the first quarter of the 2024 financial year. This corresponds to year-on-year growth of 22%, from US$2.73m a year earlier. Nonetheless, its net profit dropped by 29%, to US$136m from US$193m.