Displaying items by tag: Ambuja Cements

India: Adani Group is considering a merger of Ambuja Cements and ACC into a single entity, Adani Cement, by 2028. Mint News has reported that the group, which began integrating the operations of the two companies recently, may also include Sanghi Industries in the merger. The proposed merger would involve a share swap between the companies, with all existing brand identities retained.

India: Ambuja Cement has proposed the establishment of a cement plant at Ramannapet, eliciting concerns from local residents over potential environmental impacts. The proposed plant is intended to be built on 70 acres initially designated for a dry port, and involves an investment of US$167m, according to the Deccan Chronicle. The River Musi, located 14km from the proposed plant, is expected to be at risk, as well as local residents living near the site. The Pollution Control Board is scheduled for a public hearing on 23 October 2024 regarding this matter.

Rythu Sangam district president Meka Ashok Reddy highlighted the community's concerns, noting that fertile agricultural fields within a 14km radius could be turned into ‘wastelands’, and crop yields along the River Musi might drop by 30% due to water contamination. He said that 10 villages around Ramannapet would be affected by pollution from the proposed plant.

India: Ambuja Cements has entered the Alliance for Industry Decarbonisation (AFID), becoming the first cement manufacturer worldwide to join this global platform. AFID aims to accelerate the net zero transition in energy-intensive sectors, like cement, in accordance with the Paris Agreement. Ambuja Cements has set a net zero target for 2050, with goals approved by the Science Based Targets initiative (SBTi). The company plans to invest US$1.2bn in renewable energy projects totalling 1GW and 376MW from waste heat recovery systems to power 60% of its expanded capacity by the 2028 financial year. This strategy will reportedly lower its carbon footprint, and utilise more than 8.6Mt of discarded materials in the financial year 2024.

Non-executive director of Ambuja Cements, Mr Karan Adani, said "This marks another significant step for Ambuja in its sustainability journey. We are already amongst the lowest emission intensity cement producers globally and are undertaking a number of strategic initiatives to further reduce our greenhouse gas emissions footprint. Being a member of the Alliance for Industry Decarbonisation will allow us to leverage the experiences of global cross-sector industry peers. And, in turn, share our approach to decarbonisation."

India: Rambhav Gattu, a chief manufacturing officer at Ambuja Cement in Chhattisgarh, has been arrested for allegedly attempting to bribe a government official in Odisha, Reuters reports. He is accused of having offered a box of confectionery containing US$2382 to the collector of Odisha's Barghar region, whose duties involve collecting revenues. A case has been registered against Gattu for ‘attempting to induce a public servant’, without specifying what the money offered was for. The arrest aligns with Prime Minister Narendra Modi's anti-corruption campaign, which has intensified actions against corrupt practices.

India: Ambuja Cements’ minority shareholder GQG Partners has increased its stake in the company from 1.4% to 2.4%. The value of the newly acquired shares was US$200m, the New Indian Express newspaper has reported. Other recent investors in the company, following a divestment of 2.8% of shares by its parent, Adani Group, include the Indian National Pension System Trust and SBI Life Insurance. They bought total shares worth US$62.6m and US$59.6m respectively. Following the deals, majority shareholder Adani Group now holds an 67% stake in Ambuja Cements.

India: Adani Group is planning to sell a 2.84% stake in Ambuja Cements through its entity Holderind Investments, aiming to raise US$500m. The sale of 69.96 million shares will be at a price of US$7.15 per share. This move is part of a strategy to divest part of its substantial 70.33% holding in the cement company. Holderind Investments itself accounts for 50.90% of this ownership.

India: Ambuja Cement has announced the completion of its acquisition of Penna Cement Industries Limited, acquiring a 100% stake in the company. The deal, first approved by Ambuja’s Board of Directors on 13 June 2024, has effectively made PCIL a subsidiary of Ambuja Cement from 17 August 2024. The company did not provide further details on the operational or financial impacts of this acquisition.

India: Ambuja Cements will invest US$190m to establish a 6Mt/yr grinding plant in Warisaliganj, Bihar. The project is scheduled in three phases, with the first phase of 2.4Mt/yr costing US$131m, according to the company. The plant has secured environmental clearance and land allocation for potential future expansions, The Telegraph India reports. The project will reportedly create 250 direct jobs and 1000 indirect jobs and will contribute US$30m/yr to Bihar’s economy. It is targeted for completion by December 2025.

Pranav Adani, director of Adani Enterprises, said “This investment aligns with the state government’s development programmes and our growth plans. The cement industry is witnessing healthy volumes due to the government’s infrastructure thrust, and Ambuja Cements is well positioned to support sustainable infrastructure development in the country.”

India: Wonder Cement has appointed Sanjiv Waid as State Head. He previously worked as a Sales Marketing Manager for Ambuja Cements and has held roles with Nuvoco Vistas and ACC. He holds a bachelor’s in Industrial Chemistry from Delhi University.

India: Ambuja Cements and Ravi Sanghi plan to launch an offer for sale of a stake in Sanghi Industries. The Times of India newspaper has reported that Ambuja Cements will offer 2.4% of shares and Ravi Sanghi will offer 1.2%, giving a total offer of 3.6%. Following the completion of the intended sale, the companies’ combined stake in Sanghi Industries will drop to 75%, in line with shareholding rules for promoters.