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Displaying items by tag: India

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Cement Corporation of India signs deal with RINL to set up slag cement plant

17 July 2017

India: The Cement Corporation of India (CCI) has signed a memorandum of understanding with Rashtriya Ispat Nigam Limited (RINL), the owner of the Visakhapatnam Steel Plant to build a 2Mt/yr slag and fly ash cement plant. RINL will provide the blast furnace slag and fly ash for the project. The plant is expected to cost US$23m and it will take 15 months once the deal is finalised.

Published in Global Cement News
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JSW launches cement plant just 18 months after breaking ground

14 July 2017

India: JSW Cement has released its first commercial product from its 2.4Mt/yr Salboni plant in West Bengal, 18 months after construction work began at the site. The first load of cement was sent on a truck to a client in nearby Tarapith. JSW Cement’s director Biswadip Gupta said that it was one of the fastest greenfield cement plant projects in India in recent years. “We have not lost a single man-day during the construction of the project,” he added.

However, those that have been forced from their land to allow for the construction of the plant remain unhappy that the project has gone ahead, with the secretary of the JSW Landlosers’ Welfare Association Pariskar Mahato stating that they had not even received an invitation to the inauguration event. He added, “There is resentment among land losers. We should get jobs in the project, but the management is recruiting people from outside.”

Published in Global Cement News
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Broken gearbox at coal mill reduces production at Penden Cement Authority plant

07 July 2017

Bhutan: A broken gearbox at a coal mill at the Penden Cement Authority plant in Gomtu has reduced its production. The plant has had intermittent mechanical issues with the gearbox in one of its two coal grinding mills since April 2017 leading to a breakdown in May 2017, according to the Kuensel newspaper. Then in June 2017 a similar problem occurred with the main drive gear in its other coal mill. The plant has been producing cement using imported clinker since then although it shut down completely for several days in late June 2017.

So far the cement producer has been unable to procure replacement parts. It has also been reported that the company has had difficulty importing clinker from India following the introduction of the Goods and Services Tax (GST).

Published in Global Cement News
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Timken to buy India’s ABC Bearings

07 July 2017

India: Timken India, a subsidiary of the US-based Timken Company, has entered into a definitive agreement to acquire ABC Bearings, a manufacturer of tapered, cylindrical and spherical roller bearings and slewing rings. The deal has been structured as a merger of ABC Bearings into Timken India. It is expected to take at least six months to complete as clearances from various authorities are sought.

"Timken is a leader in the growing Indian bearing market, and the acquisition of ABC Bearings will expand our capacity, our customer base and our locally produced product breadth," said Richard G Kyle, Timken president and chief executive officer.

Published in Global Cement News
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Dalmia Bharat ordered to pay US$4.5m in damages over coal import deal

06 July 2017

India: The Delhi High Court has rejected an appeal by Dalmia Bharat in a coal import deal with Glencore that went wrong. The cement producer will now be required to pay US$4.3m in damages and US$0.27m in interest, according to the DNA newspaper. Dalmia Cement, part of Dalmia Bharat Group, originally arranged a deal to import coal in multiple consignments. However it later refused to accept some of the shipments citing poor quality. Glencore then won damages at an arbitration tribunal that ruled that Dalmia had breached its contract.

Published in Global Cement News
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UltraTech Cement seals the deal

05 July 2017

Congratulations are due to India’s UltraTech Cement this week for finally completing its US$2.5bn asset purchase from Jaiprakash Associates. The deal has been around in some form or another since at least 2014 when UltraTech arranged to buy two cement plants in Madhya Pradesh for around US$750m. That deal, publicly at least, became a victim of the 2015 amendment to India’s Mines and Minerals (Development and Regulation) (MMDR) Act. The Bombay High Court eventually rejected it in early 2016 after a period of delays. However, the deal bounced back in a much larger form around the same time and since then everything has gone relatively smoothly.

As chairman Kumar Mangalam Birla put it in his letter to shareholders in the company’s 2016 – 2017 annual report the, “move is essentially for geographic market expansion.” He then went on to mention all the usual keywords like ‘synergy’ and ‘economies of scale’ that you expect from an acquisition. Quite rightly he finished with, “It is with great pride that I record, that UltraTech is the largest cement player in India and the fifth largest on the world stage.” On that last point he meant outside of China but UltraTech does have a small number of assets outside of India, notably in the UAE, Bahrain, Oman and Bangladesh, hinting at an international future for the cement producer.

Map 1: UltraTech Cement’s plants in India. Source: UltraTech Cement Corporate Dossier, January 2017.

Map 1: UltraTech Cement’s plants in India. Source: UltraTech Cement Corporate Dossier, January 2017.

To give a scale of the deal, UltraTech has increased its number of integrated cement plants in India to 18 from 12 and its cement grinding plants to 21 from 16. Its overall cement production capacity will increase by nearly 40% to 91.4Mt/yr from 66.3Mt/yr. The new assets are in Himachal Pradesh, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Andhra Pradesh. The main regions that will benefit are the North, Central and South zones. In particular the Central Zone will see its capacity jump to 21.1Mt/yr from 6.2Mt/yr. This area also includes a new 3.5Mt/yr plant at Dhar in Madhya Pradesh that is scheduled for commercial production in late 2019.

The completion of the Jaiprakash Associates deal was followed by the introduction at the start of July 2017 of the Goods and Services Tax (GST), a rationalisation of some of the country’s central and state taxes. UltraTech promptly said it had reduced its product prices by 2 – 3% in light of tax reductions under the new regime. Some producers were warning of a rise in cement prices in the run-up to the introduction of the GST and the Cement Manufactures’ Association said that the new tax rate was insufficient. However, UltraTech said that the new tax rate of 28% was better than 30 – 31% previously. Other Indian producers also reduced their prices this week following the introduction of the GST.

UltraTech’s expansion and the start of the new tax scheme auger well for the Indian cement industry in 2017. Demonetisation knocked cement production at the start of the year and it may have lowered UltraTech’s capacity utilisation rate as well as reducing domestic sales by cutting housing demand. However, sector rationalisation and a simpler tax approach should help to remedy this. Not all government interaction has been helpful to the cement industry in recent years as the MMDR amendment and demonetisation show but the signs are promising.
Roll on the next set of financial reports.

Published in Analysis
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Prism Cement appoints Raveedra Chittoor as a director

05 July 2017

India: Prism Cement has appointed Raveedra Chittoor as an additional director to its board. Chittoor holds a post graduation qualification from the Indian Institute of Management in Ahmedabad and is a Fellow of Management from the Indian Institute of Management in Calcutta. He has 12 years of industry experience in corporate finance and investment management. Chittoor is currently an associate professor at the Gustavson School of Business at the University of Victoria in Canada. Prior to this he taught at the Indian School of Business in Hyderabad and the Indian Institute of Management in Calcutta.

Published in People
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Ambuja Cement buys limestone resources in Maharashtra

05 July 2017

India: Ambuja Cement has purchased a limestone block in the Chandrapur district of Maharashtra. An estimated limestone resource of 42Mt was acquired via state auction for a price of 125% of the value of mineral dispatched. Formal confirmation via the state government is expected to follow soon.

Published in Global Cement News
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Odisha approves Ambuja Cements to build grinding plant

03 July 2017

India: Odisha’s State Level Single Window Clearance Authority (SLSWCA) has approved a proposal by Ambuja Cements to build a 1.5M/yr cement grinding plant at the Industrial Growth Centre, Jharsuguda. The proposed unit will use an area of 125 acres, according to the Press Trust of India. It is expected to create 300 direct and indirect jobs. Once complete the plant will join the company’s five integrated cement plants and eight grinding plants.

Published in Global Cement News
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Fives to supply classifier to Ramco Cements plant project

03 July 2017

India: France’s Fives has receive an order from AMCL Machinery to supply a new FCB TSV Classifier 4500 THF. The classifier will be used by Ramco Cements at its R R Nagar Plant in Tamil Nadu. Previously the cement producer has installed FCB TSV classifiers at its grinding plants in Kolagat, Salem and Chengalpattu.

Published in Global Cement News
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