Displaying items by tag: Burnpur Cement

India: UltraTech Cement has bought the 540,000t/yr Patratu grinding plant from Burnpur Cement for US$20.4m. The Hindu Business Line newspaper has reported that the purchase brings UltraTech Cement’s installed cement capacity to 133Mt/yr.

India: Punjab National Bank (PNB) has invited asset reconstruction companies' bids for US$6.31m-worth of outstanding loans owed by Burnpur Cement. Press Trust of India News has reported that account has a reserve price of US$2.52m.

India: A probe by the Ministry of Corporate Affairs (MCA) has found ‘serious’ financial irregularities in the accounts of Burnpur Cement. The regional director of the MCA has recommended an investigation of the company, according to the Business Standard newspaper. The MCA has also recommended that the cement producer be barred from making interest payments without government permissions in the interest of its shareholders. The company was reported as a non-performing asset in 2016 and its repayment schedule to lenders has been monitored in the media. It made a loss of around US$15m in the financial year that ended in March 2018.

India: Burnpur Cement has appointed Pawan Pareek as its chief financial officer. Pareek holds 30 years experience in accounts, finance and commerce for the steel and cement industries.

The cement producer has also appointed Uma Agarwal as a non-executive independent director. Agarwal holds qualifications as a company secretary and has practiced company law for the last three years.

India: Burnpur Cement plans to launch a new product PPC (Pozolona Portland Cement) from its Patratu plant in late April 2017. Following the launch the cement producer hopes to increase its capacity utilisation rate at the plant to 100%. Burnpur Cement operates two integrated cement plants in the east of the country.

India: Burnpur Cement has blamed an ‘irregular’ non-payment to its lenders on demonetisation and a depressed market. It added that it was discussing the matter with its lenders, including the option of restructuring the debt. The cement producer operates two plants in the east of the country.

India: Jagdish Chander Bhutani has resigned as a director of Burnpur Cement. The resignation takes effect from 21 June 2016.

India: Cement maker Burnpur Cement plans to invest US$75m to increase the company’s grinding capacity from 0.6Mt/yr to 3Mt/yr, according to the company's vice chairman and managing director Ashok Gutgutia. He said that the investment would be spent over the next three to four years.

Burnpur Cement is a small Indian cement producer that operates two plants, one in Asansol (West Bengal) and one in Patratu (Jharkhand). Each plant operates at a capacity of 0.3Mt/yr.

How the investment will be split between the plants is unclear, but the announcement comes as the company is building a third 2Mt/yr plant in West Bengal, which was announced previously. When the three projects are complete Burnpur will have increased its capacity by nearly 10-fold, from 0.6Mt/yr to 5Mtyr.

India: Burnpur Cement has signed an agreement with Saurabh Ganguly as a brand ambassador for the company for three years from 11 March 2016. Ganguly was the former captain of the Indian cricket team. As the brand ambassador for the company he will endorse the product and brand of the cement producer to help increase of sales.

India: According to Accord Fintech, Burnpur Cement's new plant at Patratu Industrial Area, Patratu, Jharkhand was inaugurated by chief minister of Jharkhand, Shri Raghuvar Das, on 13 July 2015.