Displaying items by tag: Aditya Birla

India: The India Cements has appointed Suresh Vasant Patil as its CEO. Krishnagopal Ladsaria has also been appointed as chief financial officer (CFO).

Patil joined the Aditya Birla group as a management trainee in 1988 and has over 35 years of professional experience. His most recent role was as the head of the Ready-Mix Concrete, Key Accounts and Building Product Division at UltraTech Cement. Patil trained as a civil engineer with qualifications from Karnataka University.

Ladsaria is a qualified chartered accountant. He has worked with companies including AF Ferguson, Grasim industries, Hindalco Industries and Century Enka. Recently he held the post of CFO at Century Enka, a subsidiary of Aditya Birla.

UltraTech Cement, part of Aditya Birla Group, took control of The India Cements in late-December 2024 when it completed its acquisition of shares. It now controls around a 55% stake in The India Cements.

India: Aditya Birla subsidiary UltraTech Cement is reportedly considering issuing bonds worth US$118m. Informist MoneyWire News has reported that the issuance may take place later in November 2024.

India: Aditya Birla plans to expand its production capacity by 28% from 156Mt/yr to 200Mt/yr before 2035. Group chair Kumar Mangalam Birla told the Hindustan Times Leadership Summit in New Delhi that scale is key to long-term survival, and that he always aims for his group to be a leader in any given industry in which it operates.

Domain-B News has reported that Birla said "It took the group 36 years to build a 100Mt/yr cement capacity, while it added another 50Mt/yr capacity in five years.”

India: UltraTech Cement announced plans to make a private placement of non-convertible debentures (NCDs) on 12 November 2024. MarketLine News has reported that the value of the proposed placement as US$356m.

India: UltraTech Cement has obtained a $500m sustainability-linked loan from Sumitomo Mitsui Banking Corporation, State Bank of India, BNP Paribas and other lenders. Capital Market News has reported that the conditions for the loan align with UltraTech's 2050 Net-Zero Roadmap. Under the roadmap, the subsidiary of Aditya Birla Group aims to reduce its Scope 1 CO₂ emissions per tonne of cementitious material by 27% between 2017 and 2032, and to raise its reliance on renewables to 85% of its energy consumption by 2030.

UltraTech Cement previously issued sustainability-linked bonds in 2021.

India: UltraTech Cement, a subsidiary of Aditya Birla, has purchased a 33% stake in India Cements for US$472m. UltraTech now controls a 55% stake and plans to make an open offer for a further 20% at US$4.66 per share. The transaction, subject to regulatory approvals, values India Cements at approximately US$1.39bn and could increase UltraTech's holding to 75.49%, according to The Northlines news.

India: A boiler explosion at UltraTech Cement’s Jaggaiahapet cement plant has reportedly killed two people. Venkatesh Avula and Arjun Paritala were working at the plant on the afternoon of 7 July 2024 when the disaster occurred. The New Indian Express newspaper has reported that 14 others workers sustained serious injuries.

District Collector Srijana Gummalla said that a preliminary inquiry indicated the cause of the blast to be a gas leak due to high pressure. She said “A detailed probe has been launched to ascertain the reasons behind the incident. Officials will carry out a thorough investigation and submit the report. Based on the report, necessary action will be taken against the factory management.”

India: UltraTech Cement says that it will acquire a 23% stake in The India Cements. The Press Trust of India has reported the value of the deal as US$226m. The transaction is scheduled for completion by the end of July 2024.

UAE: The board of RAK White Cement has recommended that its shareholders accept a cash offer from UltraTech Cement for the acquisition of a further stake in the company. Global Cement News reported in May 2024 that UltraTech Cement had offered to acquire 32% of shares in the company. It previously acquired 29% in April 2024.

UAE: Aditya Birla subsidiary UltraTech Cement Middle East Investments has offered to acquire a new 32% stake in RAK White Cement. The Business Standard newspaper has reported that UltraTech Cement Middle East Investments previously announced its acquisition of a 29% stake in RAK White Cement on 15 April 2024.