Displaying items by tag: JSW Cement
India: JSW Cement has released its first commercial product from its 2.4Mt/yr Salboni plant in West Bengal, 18 months after construction work began at the site. The first load of cement was sent on a truck to a client in nearby Tarapith. JSW Cement’s director Biswadip Gupta said that it was one of the fastest greenfield cement plant projects in India in recent years. “We have not lost a single man-day during the construction of the project,” he added.
However, those that have been forced from their land to allow for the construction of the plant remain unhappy that the project has gone ahead, with the secretary of the JSW Landlosers’ Welfare Association Pariskar Mahato stating that they had not even received an invitation to the inauguration event. He added, “There is resentment among land losers. We should get jobs in the project, but the management is recruiting people from outside.”
Shiva Cement buys ACC’s stake in JSW Cement
13 March 2017India: ACC has sold its 12.1% in Shiva Cement to JSW Cement for US$5.8m. Following the sale JSW Cement now holds the entire promoter holding in Shiva Cement, according to the Mint newspaper. In January 2017 JSW Cement announced that it was making an open offer to buy out Shiva Cement. Shiva Cement operates a 0.2Mt/yr cement plant in Rourkela, Odisha.
JSW Cement increases capacity of Bellary grinding plant
16 January 2017India: JSW Cement has increased the capacity of its Bellary cement grinding plant in Vijay Nagar to 3.4Mt/yr from 1Mt/yr. The cement producer said that the additional capacity would help it strengthen its distribution network throughout south of the country. The chairman and managing director of JSW Group, Shri Sajjan Jindal, and other dignitaries inaugurated the new unit.
JSW Cement makes open offer to buy out Shiva Cement
11 January 2017India: JSW Cement has acquired a promoters' share in Shiva Cement and has also launched an open offer to acquire a 32% stake from public shareholders in the company. JSW Cement, with Sun Investments Private and Reynold Traders, has made an open offer to the public equity shareholders of Shiva Cement to buy up to a 32% share in the company at a value of US$12.8m. In late September 2016 promoters of Shina Cement held a 37.15% stake, while public shareholders held the remaining 62.85%, according to Indian media.
JSW Cement launches Concreel HD brand cement
20 October 2016India: JSW Cement has launched a new product called Concreel HD in the south of India. It is marketed as an environmentally-friendly product with improved chemical resistance and superior cohesion. It is targeted at strength bearing applications such as beams, columns, slabs and foundations due to its high early and long-term strength as well as its quick setting time.
Lafarge India sale moves to final stage
07 July 2016India/Switzerland/UK: The five bidders that gave their final bids for Lafarge India’s 11Mt/yr cement business have been called to London, UK for the final leg of discussions, which started on 7 July 2016. Multinational bidders, including Mexico’s Cemex and China’s Anhui Conch, are believed to have bid aggressively. Domestic bidders Ajay Piramal Group, Nirma and Sajjan Jindal-led JSW Cement also submitted bids earlier in the week.
The bids are in the range of Euro1.19-1.33bn, which implies an enterprise value of US$108-121/t, comparable to UltraTech’s recent acquisition of JP Group’s cement assets for US$116/t.
“This discussion in London could take three to four days to finalise,” said a banker familiar with the development. “The winner will be decided not just on the price quoted for assets but also other conditions for the bid,” he said. Once the winning bid is decided, an exclusivity agreement will be signed with the bidder and it will take around three months to complete the deal.
India: Parth Jindal has been appointed as Managing Director of JSW Cement. He will assume the position in July 2016 and will be assisted by Anil Kumar Pillai as CEO, according the Business Line.
Jindal is the son of Sjjan Jindal, the chairman of JSW Group. The 25-year old has worked previous as an Economic Analyst for JSW Steel amongst other positions in the group. He is also the chief executive of the group's sport company, which owns Bangalore Football Club.
JSW plans US$610m investment to expand port and cement capacity
06 November 2015India: JSW plans to invest US$610m to boost its port and cement capacity in the next two years. It plans to almost double its ability to handle cargo at its ports to 62Mt/yr, with a target to further increase it to 200Mt/yr by 2025, according to group CFO Seshagiri Rao. Cement capacity is estimated to increase to 17Mt/yr in the next 24 months from 6Mt/yr at present.
"Ports appear to be a very attractive investment as ports and inland waters have not at all been leveraged in India," said Rao to Bloomberg. "We feel that in each of the core infrastructure sectors there is a huge amount of change happening." Rao said that the group will build its own cement plants instead of acquiring an existing business.
Jaypee Group revives talks with JSW to sell cement portfolio
26 October 2015India: To improve its finances, Jaypee Group has revived its negotiations with JSW to sell its entire 20 – 22Mt/yr cement portfolio. The top officials, including Manoj Gaur, Executive Chairman and CEO of Jaypee Group, met Sajjan Jindal, Chairman on JSW Steel, to discuss the acquisition. Jaypee Group has an outstanding debt of around US$11.6bn. The talks are still at early stage.
JSW Cement orders eight slag grinding units from KHD
06 August 2015India: JSW Cement has ordered eight 90t/hr roller press slag grinding units from KHD Humboldt Wedag India Private Ltd (India) and KHD Humboldt Wedag GmbH (Germany) for its plants in India.