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Displaying items by tag: ACC

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UltraTech Cement publishes plans for Holcim India bid

11 May 2022

India: UltraTech Cement has taken legal advice for its planned bid for Holcim's Indian business and says that it will volunteer to divest 15Mt/yr-worth of cement assets in order to accelerate the Competition Commission of India (CCI) approval process which would follow on from the acceptance of any offer. The Economic Times newspaper has reported that UltraTech Cement has filed five long form merger notifications for acquisitions of this type since 2013. These included its purchases of Binani Cement and Century Cement, and of Jaypee Group's Gujarati cement assets.

The Financial Express newspaper has reported that fellow contender Adani Group has offered 'more than' US$10bn for the assets, while JSW Group plans to offer US$7bn. BusinessLine Online News has reported that a fourth company, steel producer ArcelorMittal, has also held initial talks with Holcim over the assets.

In considering possible competition issues arising under any future deal, the CCI will factor in planned and upcoming cement capacity. In Gujarat, where Holcim India subsidiaries ACC and Ambuja Cements operate 6.8Mt/yr-worth of capacity, Adani Group plans to build a new 10Mt/yr cement plant at Lakhpat.

Published in Global Cement News
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ACC launches Houses of Tomorrow in India

28 April 2022

India: ACC has launched Holcim’s Houses of Tomorrow sustainable homebuilding initiative with the construction of a low CO2 home in Puducherry called Gratitude Villa. Projects Today News has reported that architect Trupti Doshi selected building materials to reduce CO2 emissions by 40% by comparison to conventional materials such as ordinary Portland cement (OPC). She opted for ACC’s Suraksha brand cement, fly ash bricks and ECOPact green concrete.

Published in Global Cement News
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Rashmi Khandelwal appointed a company secretary of ACC

27 April 2022

India: ACC has appointed Rashmi Khandelwal as its company secretary. She succeeds Rajiv Choubey who will remain with ACC as chief legal officer.

Khandelwal is a qualified company secretary with 13 years of professional experience. Previous roles include working for YES Bank and the legal company Mis Yaish Associates. She has also co-written two books about the government’s Companies Act 2013.

Published in People
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Adani Group's Holcim India acquisition talks enter 'advanced stages'

27 April 2022

India: Adani Group has reportedly entered an advanced stage of discussions with Holcim over its possible acquisition of the latter's Indian cement operations. The Times of India newspaper has reported that Holcim subsidiaries Ambuja Cements and ACC together have a cement production capacity of 64Mt/yr. The value of their assets has a market cap of US$15.7bn.

Published in Global Cement News
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Could Holcim sell up in India?

20 April 2022

This week’s big story has been that Holcim may be considering selling its business in India. Both the Economic Times newspaper and Bloomberg separately reported that the owner of Ambuja Cement and ACC has been holding early talks with local producers. The discussions have been described as exploratory and an eventual divestment is far from certain. The combined market value of both companies was placed at US$15bn, at the time that the story broke, making it one of the largest potential acquisitions in India. Holcim has refused to comment on the matter.

If it actually happened then the scale of this potential sale would be breathtaking. Holcim has been gradually slimming down since the merger between Lafarge and Holcim in 2015. The big divestments mostly came after the appointment of former Sika boss Jan Jenisch in 2017. Four integrated plants and other assets were sold in Indonesia for US$1.75bn in 2019, a 51% stake in three integrated plants and two grinding plants were sold in Malaysia for US$396m (also in 2019) and five integrated plants were approved for sale in Brazil for US$1.03bn in April 2022.

A complete divestment of Ambuja Cement and ACC in India would see 17 integrated plants and 14 grinding plants being sold with a production capacity of around 66Mt/yr. If any company did buy the lot in one go, at a stroke it would become the second-largest cement producer in the world’s second-largest second market. The nearest acquisition in the last decade that comes close to this was when CRH purchased 24 cement plants with a production capacity of 36Mt/yr from Lafarge and Holcim in 2015 for US$6.5bn.

2022 would certainly be a good time to sell up with both Ambuja Cement and ACC having reported strong sales and earnings figures in 2021 following the coronavirus-related lockdowns in 2020. Performance is even better compared to 2019. Ambuja Cement’s net sales and earnings before taxation, interest, depreciation and amortisation (EBTIDA) grew by 23% year-on-year to US$1.81bn and by 21% to US$420m respectively in 2021. ACC’s sales and operating EBITDA grew by 17% to US$2.07bn and 28% to US$393m respectively in 2021. However, ACC’s net sales growth was much lower compared to that in 2019. Ambuja Cement produced 25.9Mt of cement in 2021 with a production capacity of 31.5Mt giving it a utilisation rate of 82%. ACC produced 26.9Mt of cement in 2021 with a production of 34.5Mt/yr giving it a utilisation rate of 78%. Both of these rates are higher than the national cement sector rates forecast by analysts of up to 64% in the 2022 financial year. The corporate specifics of any sale are that Holcim owns a majority stake in Ambuja Cement, which in turn owns a majority stake in ACC. In other words: buy one, get the other.

One wider question here is whether there are still any companies and investors out there prepared to put money on this scale into a carbon-intensive industry with net-zero deadlines on the way. Ahead of the 2021 United Nations Climate Change Conference (COP26) in November 2021, India’s prime minister Narendra Modi pledged that his country would cut its emissions to net-zero by 2070. There’s plenty of time left to turn a profit, as cement kilns last about 50 years, but the risk of investing in a stranded asset is growing if the targets are honoured or even brought forward. As a recent Intergovernmental Panel on Climate Change (IPCC) report put it, “Cement and concrete are currently overused because they are inexpensive, durable, and ubiquitous, and consumption decisions typically do not give weight to their production emissions.” All of this suggests that buyers might well be more interested in purchasing parts of Holcim’s Indian operations rather than the whole bundle or breaking operations up further down the line. And that’s even before any competition concerns related to any local buyers are considered. Holcim, for its part, has shown with recent divestments, such as its business in Northern Ireland, that it isn’t necessarily against smaller piecemeal divestments. Negotiations, if they are indeed happening, will be closely guarded.

Published in Analysis
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ACC’s earnings down on lowered demand in first quarter of 2022

20 April 2022

India: ACC’s earnings before taxation, interest, depreciation and amortisation (EBTIDA) fell by 26% year-on-year to US$83.1m in the first quarter of 2022 from US$113m in the same period in 2021. Net sales rose by 3% to US$566m from US$552m. Sales volumes of cement dropped by 3% to 7.71Mt but volumes of ready-mixed concrete grew by 5% to 0.87Mm3. The subsidiary of Ambuja Cement and Holcim said that its costs had been negatively affected by a global rise in fuel costs caused by ‘geopolitical events.’

The cement producer said that its new integrated plant at Ametha in Madhya Pradesh is scheduled to be commissioned in the fourth quarter of 2022. It commissioned an upgrade to its Tikaria grinding plant in Uttar Pradesh in February 2022. Waste heat recovery unit projects at its Jamul and Kymore plants are ‘on track’ and the board of ACC has approved the next phase of similar projects at its Chanda and Wadi plants.

Published in Global Cement News
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Holcim considering selling Indian operations

14 April 2022

India: Switzerland-based Holcim is reportedly in the early stages of selling its subsidiaries Ambuja Cement and ACC. The company has held discussions with JSW, Adani Group and others, according to sources who have spoken to the Economic Times newspaper. Multinational building material producers have also been approached. Holcim has not commented on what it described as ‘rumours.’ Ambuja Cement and ACC have a combined cement production capacity of 66Mt/yr

Published in Global Cement News
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Aumund India to rebuild the world’s tallest bucket elevator

12 April 2022

India: Aumund Engineering India has been selected by ACC to refurbish a 175.3m high bucket elevator, the tallest in the world. The elevator is installed at ACC’s Wadi Cement plant in Karnataka where it is used for raw meal pre-heater transport at a rate of 600t/hr.

Originally, the machine was fitted with a steel cord belt of width 1320mm and tension rating of 3150N/mm. Aumund has decided to offer an alternative based on its own design concept resulting in a belt width of 1300mm but with higher tension rating of 4000N/mm with a bucket size of 1250mm at bucket spacing of 450mm. The Aumund belt concept will use continuous close pitch longitudinal ropes without rope free bucket mounting spaces. However, it will use additional wire ropes running laterally across the width of the belt adding lateral stiffness without significantly changing the belt longitudinal flexibility. This cross-stabilised construction is intended to improve stability to the belt with improved bucket fixing.

To make the necessary belt punching, Aumund has developed a special punching machine design which gives clean fixing holes that are accurately aligned relative to the belt edge and at precisely the correct pitch. The belt is held in a cassette and advanced automatically under the punching frame using a precision encoder to measure the pitch. The belts are prepared at the Aumund production in Rheinberg, Germany and shipped to site at the exact required dimensions including a prepared joint and the required clamping connection.

In addition to the new belt the elevator will also be fitted with new drive pulley including friction linings and rubber bucket mounting strips. The casings, inlet and outlet plus the complete drive unit remain unchanged.
No commissioning date for the project has been announced.

Published in Global Cement News
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Vedanta Jharsuguda supplies 4000t of fly ash to ACC’s Chaibasa cement plant

08 April 2022

India: ACC’s Chaibasa cement plant in Jharkhand has received its first instalment of fly ash for use in cement production from Vedanta Aluminium subsidiary Vedanta Jharsuguda. Global Cement News previously reported that Vedanta Aluminium had been seeking a cement industry fly ash and bauxite residue buyer for a long-term collaborative partnership in July 2021.

In the 2022 financial year, Vedanta Aluminium supplied 190,000t of fly ash to Indian cement producers.

Published in Global Cement News
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ACC launches Concrete Direct delivery app

01 April 2022

India: ACC has launched its new Concrete Direct app for booking and live tracking concrete deliveries. The producer says that the app reduces operational follow-up calls.

Managing director and CEO Sridhar Balakrishnan said “At ACC, we recognise the need to improve and lead through digitalisation. We are happy to launch Concrete Direct, a premium digital tool that saves time and money for our customers. With such innovations, we want to enhance customer experience and build a strong ecosystem of partners to support them.”

Published in Global Cement News
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