Displaying items by tag: India
Sanghi Industries to raise US$180m for expansion
10 November 2016India: Sanghi Industries plans to raise US$180m towards increasing its production capacity. It has recently increased the production capacity at its Kutch cement plant by 1.2Mt/yr to 4.1Mt/yr, according to the Times of India. Following this the cement producer intends to increase its capacity to 8.1Mt/yr in the next three to four years. It plans to raise funds through a mix of internal accruals, debt and equity. The company is also building a 15MW waste heat recovery system that is likely to be commissioned by the end of 2018.
My Home Industries to build US$225m cement plant in Andhra Pradesh
08 November 2016India: My Home Industries plans to build a 1.5Mt/yr cement plant at a cost of US$225m in Guntur district, Andhra Pradesh. The plant is intended to take advantage of demand for cement generated by construction at the new state capital of Amaravati, according to comments by S Sambasiva Rao, executive director of My Home Industries, made to the Hans newspaper. Groundbreaking at the 1000 acre site is planned for late 2017 and the plant will take up to three years to build.
My Home Industries is a joint-venture between India’s My Home Group and Ireland’s CRH. It has production capacity of 8.4Mt/yr from plants in Nalgonda district in Telangana and Kurnool and Visakhapatnam districts in Andhra Pradesh. It is currently building a 1.2Mt/yr plant at Tuticorin in Tamil Nadu.
Dalmia Bharat and OCL India Plan to merge
07 November 2016India: Dalmia Bharat and OCL India have agreed to merge creating the fourth largest cement producer in the country with a production capacity of 25Mt/yr. Dalmia Bharat already owns a 75% share in OCL and the merger has been described as a move to ‘simplify the ownership’, according to Puneet Dalmia, managing director of Dalmia Bharat Group, in comments to the Economic Times.
“The merger will simplify the holding structure and create further consolidation in the cement sector,” said Dalmia. “This action further strengthens our position as one of the leading cement players in India, uniquely placed to support India’s economic growth, and demonstrates our commitment towards achieving simplification and consolidation.”
Ambuja Cement presents mixed results so far in 2016
04 November 2016India: Ambuja Cement’s sales volumes have risen slightly to 16.1Mt in the first nine months of 2016. Its net sales fell slightly to US$1.04bn and its net profit after tax rose by 41% year-on-year to US$147m. The cement producer said that sales volumes fell due to poor demand but profits have risen due to increased prices.
Cement plant jobs threatened in Kashmir unrest
01 November 2016India: The closure of eight cement plants in the Kashmir region due to on-going protests has put the jobs of 50,000 workers in jeopardy. A worker who has spoken to the Greater Kashmir newspaper has said that his factory has been closed since early July 2016 and he has not been paid in that period. Local cement producers are estimated to have lost US$45m as importers have benefitted.
Star Ferro sets up subsidiary in Myanmar
31 October 2016Myanmar: Star Ferro and Cement's subsidiary Star Cement has incorporated a subsidiary called 'Star Century Global Cement' in Myanmar. It said the new company has been created to provide ‘engineering, technical, financial, management and skilled and other services relating to prospecting and exploration of mines and minerals’ in the country. It also intends to offer technical consultancy services for exploration, mining, process, engineering and operating data.
Emami Group plans 20Mt/yr expansion drive by 2021
26 October 2016India: Emami Group is planning to build a cement production capacity of 15 – 20Mt/yr by 2021. It started operations at its 5.5Mt/yr cement plant in Chattisgarh in July 2016. In addition, two cement grinding plants are set to open in West Bengal and Odisha, according to the Press Trust of India. The West Bengal plant is due to open in January 2017.
"We aim to be among the top few players in the cement industry. Emami Cement plans to have a manufacturing capacity of 15 – 20Mt/yr over the next three to five years," said Aditya Agarwal, director of Emami Group.
Emami Cement has a limestone mine in Andhra Pradesh where it also plans to build a 2Mt/yr plant with an investment of US$225m. It also plans to build a 6Mt/yr plant in Rajasthan for US$524m.
Initially, the company plans to target markets in Chattisgarh, West Bengal, Odisha and eastern Maharashtra's Vidharbha region. It sells cement under the 'Double Bull' brand.
India: The shareholders of Jaiprakash Associates approved the sale of the group’s cement business to UltraTech Cement. According to the deal, arranged earlier in 2016, UltraTech Cement will buy Jaiprakash Associates' cement plants in Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh, which have a total production capacity of 21.1Mt/yr, at an enterprise value of US$2.4bn. In addition, it will acquire a 4Mt/yr grinding plant being built in Uttar Pradesh.
Approval has been obtained from the Competition Commission of India, according to the Press Trust of India. The next step involves seeking approval from the concerned High Court and the final approval from capital markets regulator.
Jaypee Cement to return coal blocks to ministry
20 October 2016India: Jaypee Cement is seeking approval from the Ministry of Coal to return two captive coal blocks, which it previously won by auction in 2015. The company has told the ministry that it does not require the coal blocks as it has sold off the attached cement plants, a ministry official told the Economic Times newspaper. The official added that Jaypee Cement could be barred from bidding for other coal blocks for one year and that bank guarantees equivalent to a year’s revenue from the mines could be seized. The two blocks are Majra in Maharashtra and Mandla South in Madhya Pradesh.
Orient Cement agreed to purchase three cement plants from Jaiprakash Associates for US$292m in early October 2016.
JSW Cement launches Concreel HD brand cement
20 October 2016India: JSW Cement has launched a new product called Concreel HD in the south of India. It is marketed as an environmentally-friendly product with improved chemical resistance and superior cohesion. It is targeted at strength bearing applications such as beams, columns, slabs and foundations due to its high early and long-term strength as well as its quick setting time.