Displaying items by tag: Ambuja Cements
Ambuja Cements to acquire grinding unit in Tamil Nadu
15 April 2024India: Ambuja Cements will acquire the grinding unit of My Home Group in Tuticorin, Tamil Nadu, for US$49.6m. The unit has a capacity of 1.5Mt/yr. The acquisition is spread across a 24.6-hectare site near Tuticorin Port and comes with a long-term fly ash agreement.
The CEO of Cement Business at Adani Group, Ajay Kapur said "In addition to the infrastructure and geographical advantages, Ambuja Cements will also inherit the existing dealer network and retain current employees, facilitating a smooth transition and enabling the rapid ramp-up of utilisation."
The total cement capacity of Adani Group now stands at 78.9Mt/yr.
India: Adani Group subsidiaries ACC and Ambuja Cement have both appointed Manish Mistry as company secretary. He succeeds Hitesh L Marthak in both posts, who is taking another job in the group.
Mistry has over 18 years of experience in corporate laws compliance, secretarial and legal roles. Before joining Adani Group in 2022, he worked for Bell Ceramics, Alembic Group, Cadila Group and GACL. He is a Fellow Member of the Institute of Company Secretaries of India in New Delhi, a graduate in commerce and law from the M S University of Vadodara and is a qualified Cost & Management Accountant (CMA).
Adani family increases stake in Ambuja Cements
28 March 2024India: The Adani family has increased its stake in Ambuja Cements by 3.6% to 66.7% following an investment of just under US$800m. The move follows an investment of around US$600m that the board of the company approved in October 2022. The cement producer intends to use the additional finance to meet its target of reaching a cement production capacity of 140Mt/yr by 2028.
Ajay Kapur, the CEO of Ambuja Cements, said "This infusion of funds provides flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only the testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continue to deliver on operational excellence, business synergies and cost leadership."
Adani Group acquired Ambuja Cements and ACC from Switzerland-based Holcim in September 2022.
ACC and Ambuja Cements' Geoclean launch new facilities
20 March 2024India: ACC and Ambuja Cements' Geoclean has launched two new facilities for sustainable waste management. The Ambuja Marwar pre-processing and co-processing facility in Rajasthan can convert 220,000t/yr of refuse into alternative fuel, while the ACC Jamul co-processing facility will process an additional 120,000t/yr.
The Ambuja Marwar facility, in collaboration with the Ambuja Marwar Farmer Producer Organisation, aims to source 50,000t/yr of agricultural waste from local farmers. This initiative will also increase the plant's thermal substitution rate to 15%. Similarly, the ACC Jamul facility will enhance its thermal substitution rate to 10%, reducing CO₂ emissions through the co-processing of waste in the cement kiln.
Ambuja Cements to build 4Mt/yr grinding plant in Jharkhand
21 February 2024India: Ambuja Cements is planning to build a 4Mt/yr cement grinding plant at Motia Village, Godda District in Jharkhand. The project has a budget of US$120m. The proposed plant will use fly ash supplied from the nearby Andani Power Godda thermal power plant.
Ajay Kapur, CEO – Cement Business at Adani Group, said “We believe that Jharkhand holds immense potential in terms of resources, infrastructure and skilled manpower, making it an ideal location for this project.”
Ambuja Cements operates two cement plant in Jharkhand with a combined production capacity of 6Mt/yr.
Locals protest Ambuja Cements’ Darlaghat cement plant’s water use
14 February 2024India: Protestors from Bilaspur District have opposed the transfer of water from the Ali Khad stream to Ambuja Cements’ Darlaghat cement plant in neighbouring Solan District. A group of local farmers and village officials have successfully suspended water transfer to the plant from the stream at Trivenighat. The Times of India newspaper has reported that the Darlaghat plant will draw an estimated 1Ml/day of water from the Ali Khad stream. Protestors say that this would be enough to dry the stream, turning the area in Himachal Pradesh into a ‘desert.’ The Ali Khad stream currently waters 24 wells and seven irrigation networks, upon which 50,000 people depend.
India: Sanghi Industries has received shareholder approval to supply its cement and clinker to ACC and Ambuja Cements. Additionally, Sanghi Industries will begin to purchase of coal from fellow Adani Group subsidiary Adani Enterprises, according to the Economic Times newspaper. Under the new arrangements, ACC and Ambuja Cements will sell Sanghi Industries’ cement and clinker under their own brands, at a price 10% above production cost. This is reportedly below industry pricing standards for comparable deals of 25 - 30% higher pricing over costs.
Adani Group subsidiary Ambuja Cements acquired a 57% stake in Sanghi Industries on 5 December 2023.
India: Ambuja Cements recorded sales of US$2.92bn in the first nine months of the 2024 financial year, up by 5.2% year-on-year. The company's net income was US$304m, almost double the US$154m it recorded in the corresponding period of the previous financial year.
Neeraj Akhoury appointed as the chair of the National Council for Cement and Building Materials
31 January 2024India: The National Council for Cement and Building Materials (NCCBM) has appointed Neeraj Akhoury as its chair following a meeting of the board of governors. Akhoury is also the president of the Cement Manufacturers’ Association and the managing director Shree Cement, according to the Press Trust of India. He holds over 30 years experience in the cement and steel sectors with positions held at Tata Steel, Lafarge India, LafargeHolcim, ACC, Ambuja Cements and Shree Cement in countries including India, France, Nigeria and Bangladesh.
The NCCBM is a research and development organisation under the administrative control of the Department for Promotion of Industry and Internal Trade that is in turn run by the Ministry of Commerce & Industry.
Ambuja Cements to build US$168m cement facility in Telangana
17 January 2024India: Ambuja Cements has signed a memorandum of understanding (MoU) with the government of Telangana for the construction of a new cement facility in the state. The News Minute has reported that the producer plans to invest US$168m in the project. The MoU is part of an agreement between parent company Adani Group and the state of Telangana covering investments worth US$1.49bn. Other projects include an MoU with Adani Group’s renewables subsidiary Adani Green Energy for the construction of a total of 1350MW of energy storage capacity.