Displaying items by tag: Chettinad

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: Gebr. Pfeiffer has announced that it has received an order for one MVR 6000 C-6 roller mill for Chettinad Cement Corp. Pvt. Ltd.’s upcoming 2.0Mt/yr Vishakapatnam granulated blast-furnace slag (GBFS) and slag cement
Grinding plant in Andhra Pradesh. Gebr. Pfeiffer said the mill will grind slag and cement to a fineness of between 3000 and 3800 blaine at a rate of between 235t/hr and 340t/hr. It says the mill improves plant availability by the active redundancy of the grinding rollers, enabling mill operation with reduced rollers in the event of maintenance work or a malfunction.

India: Chandrashekhar Hiremath, trade union leader and president of the Shramajeevigala Vedike, will begin an indefinite fast from 15 July 2013 on behalf of worker rights at cement plants in Gulbarga and Koppal districts of Karnataka state. According to The Hindu newspaper, Hiremath is demanding that cement plants keep their word on payment of wages to over 8500 contract labourers at four major plants.

At a press conference Hiremath said that Vasavadatta Cements, Rajashree (Ultratech) Cements, Chettinad Cements and Ultratech Cements had failed to follow an agreement made in 2011 stating that they would regularise contract labourers and bring them under the cement wage board. Currently, contract labourers are paid a wage of US$65-180/month. Yet under the wage board they would gain a minimum wage of US$256/month at the four cement plants.

India: Chettinad Cement has proposed setting up a 100MW captive power plant (CPP) as a part of its 4Mt/yr cement plant in Solapur district in Maharashtra.

The proposed CPP, comprising two units of 50MW each, would require 600,000t/yr of coal. Of the total requirement, 70% would be imported coal and the remaining 30% would be indigenous coal procured from the open market. Until the 100MW CPP is commissioned, the 34.4MW power requirement of the cement plant will be met by the Maharashtra State Electricity Board (MSEB).

The US$121m project is has been conceived by Chettinad Cement with a view to entering the western and central markets of the country and in turn have a pan-Indian presence.

India: The Chettinad Cement Corporation has appointed SK Prabakar to the board of the company as the nominee director of Tamilnadu Industrial Investment Corporation (TIIC). Prabakar is already the chairman and managing director of the TIIC. He replaces MD Nasimuddin.