Displaying items by tag: India

India: Brazilian cement major Votarantim Cimentos, InterCement Austria Holding and Camargo Corrêa have settled a case with the Securities and Exchange Board of India (SEBI) for alleged violation of takeover protocols regarding Shree Digvijay Cement. They have paid over US$115,000 in settlement charges.

SEBI had initiated adjudication proceedings against the three companies over the violation of provisions Substantial Acquisition of Shares and Takeovers (SAST) regulations. It was alleged that the entities failed to comply with certain provisions of the SAST regulations while making an open offer for acquisition of 36.7 million shares, representing a 26% stake in Shree Digvijay Cement.

UAE: Everest Industries of India is set to start production from its first overseas greenfield facility in the UAE in the first quarter of 2016, according to a company statement.

"The facility will be used to manufacture fibre cement boards and cater to our export markets in West Asia and Africa," said Manish Sanghi, Managing Director. Set up at an investment of US$150m, it will be able to produce up to 72,000t/yr of cement fibre boards.

India: The Competition Commission of India (CCI) has approved German firm HeidelbergCement's proposed acquisition of Italcementi SpA in India. The CCI first announced this information in a tweet that said that it had approved of the 'acquisition of Italcementi SPA by Heidelberg Cement AG.'

India: The India Cements Limited has announced that the pending approval of the Scheme of Amalgamation between Trinetra Cement Limited and Trishul Concrete Products Limited with The India Cements Limited and their respective shareholders by the High Court of Judicature at Madras has been extended until 31 December 2015 by the Registrar of Companies.

India: The government has decided to cancel the allotment of a cement plant given to India Cements in Gumma, Shimla, Himachal Pradesh.

The decision was taken after India Cements expressed its unwillingness to start works, according to local media. "It has been decided to cancel the allotment as the company is no longer keen to set up the plant and they have failed to show any progress in the years since the allotment was made," said Mukesh Agnihotri, industry minister. He added that the government cabinet would need to confirm the allotment cancellation.

Agnihotri said that the government plans to invite global bids for the proposed cement plant in Chamba have been put on hold as Jaiprakash Associates, which had earlier been given the project, has moved to court. The project in Chamba was allotted to Jaiprakash Associates in 2006 and a memorandum of understanding was signed in February 2007 to establish a 2Mt/yr capacity cement plant.

The industry department issued notices to three cement plants in addition to Jaiprakash Associates as to why their plants should not be cancelled, as they had failed to set up facilities that had been approved several years ago. The three cement plants included units by Lafarge in Alsindi, India Cement in Gumma and Harish Cement in Sundernagar. After finding the replies unsatisfactory, the government cancelled the cement plants allotted to Jaiprakash Associates and India Cements. Some of the companies have already invested a lot of money, but could not start operation due to various factors, including clearances from different agencies like the Ministry of Forest and Environment. In some cases, locals have moved to court against the projects, citing loss of agricultural land and an adverse impact on the health of people.

India: UltraTech Cement has commissioned a 1.6Mt/yr cement grinding plant at Jhajjar, Haryana.

India: The Jammu Department of Legal Metrology has registered a case against Ambuja Cement and seized a large quantity of cement bags.

The minister for Consumer Affairs and Public Destruction (CAPD), Choudhary Zulfkar Ali, said that the Department of Legal Metrology had received various complaints about the abuse of Ambuja Cement's dominant position by selling cement at different prices across the state of Jammu and Kashmir.

The department said that it could not get a 'satisfactory' response from Ambuja Cement. As a result, a team of officers inspected Ambuja Cement's depot at Kunjwani and booked Ambuja Cement for gross violation of the Legal Metrology Act and Rules. They were also found to be in violation of the Competition Act of 2002 by selling their products deliberately at the predated price to sabotage the local competition. Zulfkar Ali said that, during the inspection, it was found that Ambuja Cement was selling the same batch of Pozolana Portland Cement in different coloured bags marked with different prices for Jammu and Kashmir. The bags were also found to weigh 400 – 600g less than the 50kg label, while mandatory declarations were also not marked as per the provisions of the Packaged Commodity Rules.

A seizure memo has been issued and the cement sales have been stopped until Ambuja Cement provides the reasons for the discrepancies, according to Zulfkar Ali.

India: Aditya Birla's UltraTech Cement has got the Environment Ministry's clearance to increase the capacity of its Awarpur plant in Maharasthra, which would entail an investment of US$37.7m.

The company plans to increase its clinker capacity to 4.5Mt/yr from 3.3Mt/yr and to increase its cement capacity from 4.48Mt/yr to 6Mt/yr.

"Based on the Expert Appraisal Committee (EAC) of the Union Environment Ministry recommendation, the Environment Ministry granted the final clearance subject to certain conditions. The EC was issued to the company on 11 September 2015," said a senior Environment Ministry official.

The company has been asked to comply with specific conditions like developing green belt over 33% of the total project area, installing air monitoring devices to monitor air emission and continuous stack monitoring of facilities to monitor gaseous emissions, among others. The company has also been asked to earmark at least 5% of the total cost of the project towards enterprise social commitment and prepare a detailed corporate social responsibility (CSR) plan for every five years for the existing expansion project.

UltraTech Cement has informed the Ministry that the proposed expansion will be carried out within the existing plant area. The additional power required for the proposed expansion will be 5.1MW.

India/Denmark: Specialty cable manufacturer CMI Ltd has acquired one of Denmark-based FLSmidth's manufacturing plants in Bawal, Haryana to cater to the growing demand of its products.

CMI plans to invest US$3.02m on the acquisition, which is expected to significantly augment the company's production capacity. The company intends to start production in the new facility within the current financial year. The facility possesses all the necessary clearances and equipment required for industrial production. CMI's net profit rose by 168% to US$429,133 in the quarter that ended on 30 June 2015 and its revenues were US$20.7m.

CMI, which was formerly known as Choudhari Metal Industries, was incorporated in 1967. The company was initially engaged in copper metal trade and copper melting and rod casting and later diversified to the cables business. It currently makes different types of cables to meet the demand of core infrastructure sectors in India like telecommunication, railways, shipbuilding and petrochemicals.

India: Shree Cement is setting up a 2.8Mt/yr cement plant at Sikandrabad in Bulandshahr, Uttar Pradesh. The plant will also include a 18MW captive power plant.