Displaying items by tag: Aditya Birla

India: Police in Madhya Pradesh have arrested the head of human resources of a cement producer in connection with the killing of trade union leader. The victim, Manish Shukla, worked at a cement plant in Maihar in the district of Satna. The Times of India newspaper has reported that Shukla was fatally wounded in a knife attack by three men on 19 September 2022. His killing sparked protests outside the Maihar police station, in which other cement plant workers reportedly participated.

Maihar is the location of cement plants belonging to KJS Cement, Birla Corporation subsidiary RCCPL and Aditya Birla subsidiary UltraTech Cement.

India: Police raided a Gwalior, Madhya Pradesh, fake cement bagging plant on 26 September 2022. The Free Press Journal newspaper has reported that the officers arrested multiple suspects and recovered 200 bags of fake cement and 5000 bags of raw materials for fake cement mixing.

UltraTech Cement had previously reported to police that counterfeit cement bearing UltraTech Cement branding was circulating in the district.

India: The board of directors of UltraTech Cement has approved the addition of an extra 22.6Mt/yr-worth of cement production capacity across the company's footprint. The new additions will span all of India and consists of both new plant builds and expansions. New capacity will commence production in a phased manner from mid-2024. UltraTech Cement expects to invest US$1.61bn in the growth phase.

Chair Kumar Mangalam Birla said "The Aditya Birla Group’s pace of activity, range of businesses and depth of global presence provide a useful compass to navigate this age of disruption. Against the backdrop of our long history as a group, dynamism leaps out as a common theme. Over the years, we have witnessed multiple business cycles. Across businesses and markets, our evolution is a story of continuous renewal and regeneration, as we aggressively invest in growth and create long-term value for all stakeholders."

India: UltraTech Cement increased its sales by 28% year-on-year to US$1.9bn in the first quarter of its 2023 financial year, from US$1.48bn in the first quarter of the 2022 financial year. The company’s net profit during the quarter was US$198m, down by 7% year-on-year from US$213m in the first quarter of the 2022 financial year.

Dow Jones Institutional News has reported that UltraTech Cement recorded increased cement demand in June 2022 and forecasts full-year year-on-year consumption growth nationally. The producer said that state-backed investment in infrastructure and industrial development will support high housing demand momentum, while pressure will remain on its profitability due to high costs.

India: Grasim Industries plans to establish a building materials sales platform with a total investment of US$250m over the five-year period to 2027. The Business Standard newspaper has reported that the new platform offers clear adjacencies with the cement and building materials producer's existing businesses and associate companies.

Parent company Aditya Birla's chair Kumar Mangalam Birla said "The building materials segment presents a huge scalable business opportunity with a proven path to profitability. With this foray, Grasim will be able to leverage the large business-to-business ecosystem within the Aditya Birla Group."

India: UltraTech Cement plans to invest US$1.67bn to expand its cement production capacity to 160Mt/yr. This corresponds to a capacity cost of US$76m/Mt/yr. The Business Standard newspaper has reported that the investment is part of parent company Aditya Birla’s planned US$9.91bn spending package to expand existing capacities and enter new sectors, including paints, via its subsidiary Grasim Industries. The investments will affect both its Indian operations and those overseas.

India: UltraTech Cement has successfully commissioned a second clinker line with a capacity of 2.7Mt/yr at its Hirmi cement plant in Chhattisgarh. The company says that it is on track to also commission a new 1.3Mt/yr grinding unit at the plant in mid-2022.

India: UltraTech Cement recorded consolidated sales of US$6.86bn in its 2022 financial year, up by 18% year-on-year from US$5.83bn. The Aditya Birla subsidiary's net profit was US$957m, up by 34% from US$713m. Its total expenses also increased, by 20% to US$5.61bn from US$4.69bn. The sharpest rise, of 45%, was in power and fuel expenses, to US$1.43bn from US$985m.

India: Adani Group and JSW Group have submitted their non-binding bids to Holcim for acquisition of its subsidiary Ambuja Cements. The Business Standard newspaper has reported that Aditya Birla subsidiary UltraTech is also preparing a bid. A deal with UltraTech Cement would delay closure due to the Competition Commission of India approval process it entails. Holcim previously indicated that it would like to conclude the deal early.

Adani Group would finance any acquisition with a combination of its own cash and that from Gulf-based sovereign funds, while JSW Group would engage private equity.

India: UltraTech Cement plans to invest US$129m in capacity expansion projects in order to increase the production capacity of its Birla White brand white cement by 93% to 12.5Mt/yr from 6.5Mt/yr. The Aditya Birla subsidiary says that it will commission the new capacity in a phased manner. The investment aims to strengthen Birla White cement’s presence in the growing white cement market and to reduce its dependence on high-cost imports.