Displaying items by tag: India

India: Dalmia Bharat announced that its subsidiary, Dalmia Cement (Bharat), has entered into a share subscription and shareholders agreement to acquire a 26% stake in Truere Surya for US$5.3m. Truere Surya will establish a solar power project in Tamil Nadu, aligning with Dalmia Bharat’s goals to become carbon negative by 2040.

The solar project will have a capacity of 128MW. Completion of the transaction is anticipated within 4 - 6 months, pending customary conditions.

Nepal: Exports of cement to India via the Kakarvitta road border crossing in Jhapa totalled 50,000t in the 2024 financial year, which ended on 15 July 2024. KhabarHub News has reported that shipments had a combined value of US$3.81m. The Kakarvitta crossing had not previously served to convey major despatches of cement between the two countries. The cement industry in Jhapa is 50% dependent on export markets for its demand. Eight plants operate in the district, of which three currently sit idle due to 40% local oversupply.

India: The family of worker Rajaram Kushwaha has reported that he died after being taken to hospital for injuries sustained while working at a cement plant near Maihar, Maharashtra. The Free Press Journal newspaper has reported that Kushwaha’s family has requested that police lodge a freedom of information request of plant management into the circumstances of the ‘mysterious’ tragedy.

India: Adani Ports and Special Economic Zone has opened a 2Mt/yr grinding plant in Guna, Madhya Pradesh, Mint News has reported. Together with a neighbouring firearms plant, the Adani Group subsidiary invested US$417m in the project.

India: JK Cement plans to invest US$584m in its construction of a new cement plant in the Jaisalmer district of Rajasthan. IM News has reported that the producer has already secured environmental clearance for the upcoming plant.

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: India’s top cement producers are planning to invest approximately US$15bn from 2025 - 2027 in capital expenditure, according to a report by ratings agency CRISIL. During this period, the industry is expected to expand cement grinding capacity by 130Mt/yr, which represents a fifth of the current capacity. This move is prompted by robust demand and competitive market share goals, reports the Economic Times.

Senior director and deputy chief ratings officer at CRISIL Ratings, Manish Gupta, said "Cement demand outlook remains healthy with a compound annual growth rate of 7% over the financial years 2025-2029. The surge in capital expenditure over the next three financial years will primarily cater to this growing demand as well as to the aspirations of the cement makers to improve their national presence."

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: JSW Cement plans to more than double its cement grinding capacity from 20.6Mt/yr to nearly 41Mt/yr. The expansion involves six new greenfield units in Rajasthan, Punjab, Madhya Pradesh, Uttar Pradesh, Odisha and Maharashtra, and a brownfield unit in Vijayanagar; Karnataka, adding 20.25Mt/yr. The company also aims to increase its clinker production capacity from 6.44Mt/yr to 13.04Mt/yr. The new facilities in Rajasthan and Madhya Pradesh will each contribute 3.3Mt/yr to this expansion. In its offer document, JSW Cement stated that it sees potential in ‘green’ cement products like ground granulated blast furnace slag (GGBS) and plans to expand its presence in northern and central India.

India: JSW Cement has filed an offer document with the Securities and Exchange Board of India for an initial public offer (IPO) of US$477m, according to NewsBytes. The IPO includes an equal split of fresh issue and offer-for-sale, each valued at US$239m. The funds will be used partly to finance a new integrated cement plant in Nagaur, Rajasthan, with US$95.5m allocated for this purpose, and US$86m used to reduce its existing debt, which stood at US$696m as of March 2024.