Displaying items by tag: Adani Group

India: Adani Group subsidiary Ambuja Cements plans to invest US$722m in renewable energy projects to help decarbonise its cement production. The producer has a renewable power capacity target of 1000MW, through solar and wind projects, by the end of the 2026 financial year. The proposals include a 600MW solar power project and 150MW wind power project in Gujarat, and a 250MW solar power project in Rajasthan. The company also plans to increase its waste heat recovery (WHR) capacity to 397MW by late 2028 from 103MW at present.

Ajay Kapur, the chief executive officer of Adani Group’s cement business, said "This strategic investment reaffirms our steadfast commitment to sustainable practices. We are not just aiming for a substantial increase in green power capacity but setting the stage for a transformative shift in the cement industry. They align not only with our growth trajectory but also with the national objective of decarbonisation and greener future and this helps us become competitive and sustainable."

Adani Group announced in mid-December 2023 that it was committed to investing US$100bn in the decade to the end of 2033 towards transitioning its operations to net zero CO₂ emissions by 2050.

India: Sanghi Industries has appointed Sukuru Ramarao as its chief executive officer (CEO). He succeeds Ravi Sanghi, who was the chair and managing director, following the acquisition of a majority stake in the company by Adani Group subsidiary Ambuja Cements. Sanjay Kumar Khajanchi has been appointed as the chief financial officer, Manish Mistry as company secretary and Ajay Kapur as chair of the company’s board of directors.

Sukuru Ramarao holds over 35 years of professional experience in the building materials sector. He started working for Ambuja Cements in the late 1990s, eventually becoming the company’s chief manufacturing officer in the 2021. He then became the CEO of Adani Group’s cement business in 2023. He holds an undergraduate degree in chemical engineering from the Sri Venkateswara University in Tirupati, Andhra Pradesh.

Sanjay Kumar Khajanchi has worked for Ambuja Cements for over 20 years, reaching the position of Head - Finance & Controlling in 2021. He holds a bachelors degree in commerce from St Xavier's College in Kolkata, qualifications from the International Institute for Management Development in Lausanne, Switzerland, as well as various professional financial accreditations.

Manish Mistry has worked with a wide variety of companies for over 15 years including Bell Ceramics, Alembic Group, Cadila Group and GACL before joining Adani Group in 2022. He is a member of the Institute of Company Secretaries of India and holds a degree in commerce and law from the Maharaja Sayajirao University of Baroda in Vadodara, Gujarat.

Ajay Kapur has been the CEO of Adani Group’s cement business since mid-2022. He has worked for over 25 years in the cement sector, originally starting at Ambuja Cements in 1993. He subsequently became the company’s managing director and CEO from 2014 to 2019. He then was the head of the aluminium and power division at Vedanta Group. Kapur holds an undergraduate degree in economics from St Xavier's College, a master of business administration (MBA) degree from the K J Somaiya Institute of Management and has completed the Advanced Management Programme at The Wharton School of the University of Pennsylvania.

India: Adani Group has committed to investing US$100bn in the decade to the end of 2033 towards transitioning its operations to net zero CO₂ emissions by 2050. The scope of investments will include the group’s cement business in addition to logistics and power generation. The group has also set a target for five of its subsidiaries, including ACC and Ambuja Cements, to become net zero by 2050 or earlier. Adani Enterprises currently plans to build a 10GW/yr-capacity solar panel plant, a 10GW/yr-capacity wind turbine plant and a 5GW/yr-capacity hydrogen electrolysers plant.

Adani Group said "The roadmap to the net zero transition will require green hydrogen solutions in its last mile. To make green hydrogen adoption feasible, Adani's track record in large-scale renewables and fully integrated manufacturing with end-to-end engineering, procurement and construction capability — all in one single location — uniquely positions it to secure lower costs."

India: Adani Group announced planned investments of US$204m in its cement operations in the state of Uttarakhand. The Business Standard newspaper has reported that the investments are made up of US$36m in an expansion to more than double the capacity of Ambuja Cement’s Roorkee grinding plant to 3Mt/yr and US$168m in the construction of a new 4Mt/yr grinding plant.

India: Adani Group says that it will power 60% of its cement production using renewable energy by 2028. In a post on X, the group noted that its Adani Cement business uses fly ash or slag in cement production at 90% of its plants.

India: Ambuja Cements has completed its acquisition of a 54% stake in Sanghi Industries for an enterprise value of US$622m. It has funded the purchase through internal accruals. Following the acquisition, Ambuja Cement’s parent company, Adani Group, now has a cement capacity of 75Mt/yr, up by 9% from 69Mt/yr. It has also gained 1Bnt of limestone reserves.

Ambuja Cements said that the transaction would allow it to accelerate its coastal strategy in the west of the country with the aim of reaching a regional cement production capacity of 15Mt/yr. It intends to expand the captive port at the Sanghipuram cement plant to accommodate larger vessels to target markets in Gujarat, Maharashtra, Karnataka and Kerala by 2026. Debottlenecking, fuel mix changes and solar and wind projects are also being considering at the site.

India: Sanghi Industries plans to begin marketing its cement with ACC branded packaging. Informist EquityWire News has reported that the shift follows the acquisition of a majority stake in the company by ACC’s fellow Adani Group subsidiary Ambuja Cements in August 2023.

India: ACC has received a renewed licence for its Rajasthan limestone mine, allowing it to increase its extraction of limestone there to 1.5Mt/yr. Local press has reported that the mine presently produces 1Mt/yr of limestone for use at the company’s 1.5Mt/yr Lakheri cement plant in Bundi District.

India: ABG Shipyard plans to sell Vadraj Cement, which owns a decommissioned clinker unit and grinding unit, as well as quarries and a jetty, in Kutch, Gujarat. The National Company Law Tribunal took over winding up proceedings for the former cement producer in September 2023. The Economic Times newspaper has reported JSW Cement, Adani Group and steel producer ArcelorMittal Group as potential buyers for the business. It expects Vadraj Cement to attract a price of US$240 – 300m, against debts of US$841m.

India: Ambuja Cements’ sales were US$477m over the nine-month period up to 30 September 2023. This represents an 8% year-on-year rise from nine-month 2022 levels. The producer sold 7.6Mt of cement, up by 7% from 7.1Mt. It said that its electricity and fuel costs dropped by 32% year-on-year, which helped to grow its profit after tax by a factor of five to US$77.4m.