Displaying items by tag: Aditya Birla
UltraTech Cement to acquire 70% stake in Duqm Cement
01 February 2023Oman: Aditya Birla Group subsidiary UltraTech Cement signed an agreement with Seven Seas Company to acquire a 70% majority stake in Duqm Cement on 30 January 2023. ET Now News has reported that UltraTech Cement’s UAE-based subsidiary Cement Middle East Investments concluded the deal in the form of a share sale and purchase agreement. the parties expect to complete the transaction in late April 2023.
UltraTech Cement's Baga cement plant violates pollution rules
19 January 2023India: The Himachal Pradesh State Pollution Control Board (HPSPCB) issued a show cause notice to UltraTech Cement's Baga cement plant in Himachal Pradesh's Solan District on 18 January 2023. The Hindustan Times has reported that stack emissions monitoring at the plant recorded a breach during 2022.
UltraTech Cement now has 15 days in which to respond to the show cause notice.
India: Aditya Birla subsidiary UltraTech Cement has commissioned a new 400,000t/yr putty plant in Rajasthan. The facility will produce the company's WallCare white cement-based putty. Reuters News has reported the cost of its construction as US$22.9m.
India: A court has dismissed Shraddha Binani's petition against summons by the Ministry of Corporate Affairs' Serious Fraud Investigation Office in its investigation of alleged related party transactions by the former Binani Cement. Mint News has reported that 'huge funds' from the company's related parties entered Binani's bank account, beginning in 2010.
Under corporate insolvency resolution proceedings, Binani Cement underwent acquisition by Aditya Birla subsidiary UltraTech Cement, becoming UltraTech Nathdwara Cement, in 2018.
Grasim Industries to raise US$121m
03 November 2022India: Grasim Industries has secured its board's finance committee's clearance to raise up to US$121m through issue of non-convertible debentures. The Aditya Birla subsidiary plans to carry out the issue on a private placement basis, in one or more tranches.
UltraTech Cement's first-half 2023 financial year results show profit decline despite sales growth
20 October 2022India: UltraTech Cement's consolidated sales were US$3.51bn during the first half of the 2023 financial year, which began on 1 April 2022, up by 22% from US$2.88bn in the first half of the 2022 financial year. Its net profit was US$283m, down by 22% year-on-year from US$363m. This was due to a 32% cost rise to US$3.13bn from US$2.38bn. Power and fuel contributed 32% of costs at US$1bn, up by 68% from US$598m in the first half of the 2021 financial year.
UltraTech Cement said that it began to see signs of cement demand revival in September 2022, following traditionally subdued second-quarter demand due to seasonal rains.
India: Four UltraTech Cement cement products have received Environmental Product Declaration (EPD) certification. UltraTech Cement's ordinary Portland cement (OPC), Portland pozzolana cement (PPC), Portland slag cement (PSC) and Portland composite cement (PCC) all successfully underwent lifecycle assessment studies in line with EPD requirements.
The Aditya Birla subsidiary said that 70% of its cement sales consist of blended cement. It offers over 70 different GreenPro certified products across its range.
UltraTech Cement to acquire India Cements’ Pawai limestone mine
03 October 2022India: UltraTech Cement and India Cements are reportedly poised to conclude a deal for the acquisition of the latter’s 185ha Pawai limestone mine in Panna, Madhya Pradesh, by Mumbai-based UltraTech Cement. Marketline News has reported that the Aditya Birla subsidiary expects to pay US$98m for the asset.
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.
Madhya Pradesh police raid fake cement operation in Gwalior
27 September 2022India: 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.