Displaying items by tag: India

India: Nuvoco Vistas has received approval from the Securities and Exchange Board of India to launch an initial public offering (IPO) of shares worth US$670m. The Hindu newspaper has reported that the offering will consist of a US$201m issuance of shares and a US$469m offer for sale. Around US$180m of the funds will be used to reduce the group’s debts and the remainder will be used for general corporate purposes.

India: Vedanta Aluminium has expressed interest in a long-term collaborative partnership with a cement producer. The Economic Times newspaper has reported that, in such a partnership, Vedanta would supply the producer with fly ash and bauxite residue with which to produced reduced-CO₂ cement. The company said that a cement producer could be its ‘perfect circular economy partner.’

Chief executive officer Rahul Sharma said "We hope the Indian cement producers come forth to work with us on this innovative solution, which is a true win-win scenario for the industry and environment.”

India: Shree Cement is on track to commission its 3.0Mt/yr cement grinding plant at Patas in Pune, Maharashtra in September 2021. The plant was originally scheduled for commissioning in late 2020 but this was delayed due to Covid-19 led-disruption. The unit has had an investment of around US$80m and it will source clinker from a group site in Karnataka. The plant is Shree Cement’s first in western India.

India: Larsen & Toubro says that it has won a contract to supply a 1.8Mt/yr grinding unit to a site belonging to a ‘leading cement producer’ at Dolvi in Maharashtra. The supplier said that the scope of the work includes civil and mechanical engineering and equipment installation.

JSW Cement operates a 2.2Mt/yr integrated cement plant in Dolvi. It upgraded the plant’s capacity from 1.2Mt/yr in 2019.

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: Synergy Metals Investments Holding has received the Competition Commission of India’s approval via the accelerated ‘green channel notice’ to acquire a minority stake in JSW Cement. The Press Trust of India has reported that the accelerated procedure aims to improve merger regulation through transparent review with a minimal waiting period.

India: Dubai-based Synergy Metals has made an offer and sought the permission of the Competition Commission of India to acquire a minority stake in JSW Group subsidiary JSW Cement. The New Indian Express has reported that JSW Group is seeking to reduce its stake ahead of an initial public offer (IPO) for the producer. The company is valued at over US$2.0bn and is seeking to sell US$200m-worth of stakes.

India: The Department for Promotion of Industry and Internal Trade (DPIIT) of the Indian government has established the Cement Industry Development Council (CIDC) to coordinate the cement sector’s efforts towards eliminating waste, maximising efficiency, increasing standards and lowering prices. The Economic Times newspaper has reported that the DPIIT has appointed Dalmia Bharat chief managing director Puneet Dalmia as head of the CIDC. An initial task for the council will be to recommend steps towards securing full cement capacity utilisation.

India: The Telangana State Pollution Control Board has ordered Cement Corporation of India and Penna Cements to pay pollution fines for breaches of particulate matter restrictions at their respective cement plants at Tandur in Vikarabad district. The Times of India newspaper has reported that both companies exceeded legal limits eight times between November 2019 and July 2021. The board fined Cement Corporation of India US$3210 and Penna Cements US$4410.

India: The board of directors of JSW Cement subsidiary Shiva Cement has voted in favour of allowing the company to take out a loan worth up to US$143m. The company will use the loan for capacity expansion projects.