Displaying items by tag: Anjani Portland Cement

India: Anjani Portland Cement recorded sales of US$14.3m in the third quarter of its 2022 financial year, up by 5.6% year-on-year from US$13.9m in the third quarter of the 2021 financial year. Its net profit was US$566,000, down by 80% from US$2.82m.

India: A Telangana court has blocked Southern Power Distribution Company of Telangana from disconnecting the power supply to some of Anjani Portland Cement’s cement operations in the state. The power supply is seeking to take the measure among other ‘coercive steps’ in an on-going dispute with the producer. Reuters News has reported that Southern Power Distribution Company of Telangana has issued a demand letter for alleged breach of obligations by Anjani Portland Cement.

India: Anjani Portland Cement has agreed to acquire a further 3% in Bhavya Cements to bring its stake in the company to 92% from 89%. The group says that its aim is to further consolidate its shareholding. In early June 2021, Anjani Portland Cement completed its purchase of an 83% stake in Bhavya Cements to increase its shareholding to 89% from 6%.

India: Anjani Portland Cement has completed its acquisition of an 83% stake in Bhavya Cements. The transaction’s value was US$83.2m

India: Anjani Portland Cement has entered into a share purchase agreement to acquire a majority stake in Bhavya Cements. Bhavya Cements recorded a net turnover of US$41.9m in its 2020 financial year. It operates a 1.4Mt/yr integrated plant at Tangeda in Andhra Pradesh.

India: The Ministry of Finance Central Board of Direct Taxes (CBDT) says that its Income Tax department has detected US$95m-worth of tax evasion by Chettinad Cement and Anjani Portland Cement owner Chettinad Group. The Deccan Herald newspaper has reported that following raids on its offices the tax department found evidence of inflated expenditure, unaccounted receipts and complex financial arrangements including bogus liabilities in order to reduce capital gains. The investigation continues.

India: Anjani Portland Cement’s revenue grew by 16% year-on-year to US$44.5m in the nine months to 31 December 2018 from US$39.1m in the same period in 2017. However, its expenses rose by 20% to US$42.1m from US$35m due to fuel and logistic cost increases. Its profit before tax fell by 31% to US$2.54m from US$3.68m.

India: Anjani Portland Cement plans to build a new clinker production line at its Chintalapalem plant at Gudimalkapuram in Telangana. The plant has a production capacity of 1.16Mt/yr and this will rise to 2.31Mt/yr once the upgrade is complete. The project is expected to cost US$61m. It is scheduled to be completed by the end of 2019.

India: Anjani Portland Cement has commissioned a 16MW coal powered captive power plant at its cement plant in Anjani Puram. The cement producer operates a 1.3Mt/yr plant and is a subsidiary of Chettinad Cement.

India: The Securities and Exchange Board of India (SEBI) has approved Anjani Portland Cement for a rights issue to raise US$11.3m. The proceeds from the offering will be used to build a 16MW coal-based captive power plant at one of the company's cement plants.

SEBI received draft documents for the rights issue on 30 December 2015 and issued its 'observations' on 23 March 2016. Issuance of 'observations' by SEBI is considered as a clearance to the issuer to go ahead with the share issues.