Displaying items by tag: India

India: The National Company Law Tribunal has initiated a corporate insolvency resolution process for Vadraj Cement. The former cement producer defaulted on US$10.5m in debts owed to Punjab National Bank. Mint News has reported that Vadraj Cement has total debts of US$843m.

India: Ambuja Cements recorded sales of US$2.92bn in the first nine months of the 2024 financial year, up by 5.2% year-on-year. The company's net income was US$304m, almost double the US$154m it recorded in the corresponding period of the previous financial year.

India: Shree Cement’s sales were US$2.27bn in the first nine months of the 2024 financial year, up by 17% year-on-year from US$1.94bn in the first nine months of the previous financial year. Its net income also rose, more than doubling to US$207m from US$89.8m.

US: US cement plants produced 91Mt of cement in 2023, according to data from the United States Geological Survey (USGS). This corresponds to a year-on-year decline of 2.2% from 93Mt in 2022. The figure places the US in fourth globally in cement production volumes, behind China with 2.1Bnt (in line with 2022 levels), India with 410Mt (up by 7.9% year-on-year) and Vietnam with 110Mt (down by 8.3%).

India: The Indian Enforcement Directorate has conducted searches at locations associated with The India Cements. The directorate is seeking evidence of alleged violations of the Foreign Exchange Management Act (FEMA). Business Today Online News has reported that the current scope of suspected violations totals US$30 – 36m.

India Cements has yet to comment on the investigation.

India: The National Council for Cement and Building Materials (NCCBM) has appointed Neeraj Akhoury as its chair following a meeting of the board of governors. Akhoury is also the president of the Cement Manufacturers’ Association and the managing director Shree Cement, according to the Press Trust of India. He holds over 30 years experience in the cement and steel sectors with positions held at Tata Steel, Lafarge India, LafargeHolcim, ACC, Ambuja Cements and Shree Cement in countries including India, France, Nigeria and Bangladesh.

The NCCBM is a research and development organisation under the administrative control of the Department for Promotion of Industry and Internal Trade that is in turn run by the Ministry of Commerce & Industry.

India: Hemadri Cement has appointed G Ohm Prakash as its chief executive officer (CEO). He holds over 10 years of professional experience in marketing and sales roles across the cement, real estate, media and travel sectors. He holds a postgraduate qualification in Brand Advertising Management from the Indian Institute of Management in Tiruchirappalli.

Hemadri Cement operates a cement plant at Jaggayyapet in Andra Pradesh. The plant was originally commissioned in 1985.

India: Nuvoco Vistas recorded revenues of US$943m in the first nine months of the 2024 financial year (1 April – 31 December 2023). This represents a rise of 2% year-on-year from the corresponding period of the previous financial year. This enabled Nuvoco Vistas to turn a positive net income, of US$5.66m, compared to a loss of US$22.3m one year previously. Premium products constituted 1.45Mt (36%) of the producer’s total third-quarter cement sales of 4.02Mt. Nuvoco Vistas ended 2023 with 25Mt/yr in installed production capacity, making it India’s fifth largest cement producer.

Managing director Jayakumar Krishnaswamy said “Despite the challenging demand environment, the company continues to deliver strong growth in earnings before interest, taxation, depreciation and amortisation (EBITDA). During the third quarter of the 2024 financial year, we achieved the highest EBITDA per tonne in 10 quarters, a testament to our operational excellence, focussing on cost efficiency and value-led growth.”

India: Nuvoco Vistas has commissioned a 1.2Mt/yr cement mill at its Haryana Bhiwani cement plant in Haryana. This expansion will help Nuvoco Vistas to raise its production volumes in Northern India and to diversify its product offering.

Managing director Jayakumar Krishnaswamy said “We are set to seize the opportunities. We continue to emphasise quality and innovation, and secure a larger market share in the North while retaining our leadership position in the East. On the ready-mix concrete end of the value chain, we have also commissioned five new plants in the current fiscal, bringing our total to 56 plants pan-India.”

India: Aditya Birla subsidiary UltraTech Cement has commissioned its new 2.6Mt/yr Rajpura grinding plant in Punjab. The producer says that it made the investment in order to enhance its service to markets in Punjab.

The Rajpura grinding plant raises UltraTech Cement's installed grey cement capacity in India by 2% to 135.59Mt/yr.