Displaying items by tag: India

India: Century Textiles & Industries plans to raise US$48.3m by issue of non-convertible debentures (NCDs) on a private placement basis. Accord Fintech News has reported that the NCDs will be listed, rated, unsecured and redeemable.

India: Sagar Cements says that its subsidiary Andhra Cements will relaunch the clinker line at its Durga cement plant in Andhra Pradesh before July 2023. The Hindu BusinessLine newspaper has reported that the producer previously relaunched grinding operations at the plant in April 2023.

Sagar Cements plans to invest a further US$56.8m in Andhra Cements’ Durga cement plant to increase its installed cement capacity by 67% to 3Mt/yr and its clinker capacity by 39% to 2.3Mt/yr before 2025.

India: UltraTech Nathdwara Cement has commissioned its upgraded Neem Ka Thana grinding plant following an 800t/yr capacity expansion. The project expanded the plant's capacity by 57% to 2.2Mt/yr.

The Hindu Business Line newspaper has reported that parent company UltraTech Cement's 22 integrated cement plants, one clinker plant and 27 grinding plants give it an 80% market reach in India.

India: NCL Industries has concluded a share purchase agreement with the owners of Vishwamber Cements. Under the deal, NCL Industries will acquire 100% ownership of Vishwamber Cements. The group says that it plans to merge the newly acquired subsidiary into its own cement business. It noted that Vishwamber Cements owns 130 hectares of active limestone quarries.

India: The municipal corporation of Kolkata, West Bengal, has enacted regulations requiring landowners to send construction waste from projects on their property to construction and demolition waste recycling facilities. The Telegraph newspaper has reported that the new regulations apply to all construction, demolition and repairs work on plots of land larger than 0.24 hectares. The city authorities have built a 183,000t/yr recycling plant in New Town, Greater Kolkata, to support the increased volumes.

India: Ambuja Cements has placed orders with equipment suppliers for an 8Mt/yr clinker capacity expansion across two of its cement plants. The plants in question are the 2.9Mt/yr Bhatapara cement plant in Chhattisgarh and the 4.5Mt/yr Maratha cement plant in Maharashtra. Ambuja Cements will also build 42MW-worth of waste heat recovery (WHR) power capacity. The new cement capacity will be able to operate on renewable energy and use 50% alternative fuel (AF). As such, upon completion of the project, the plants will together produce 14Mt/yr of Ambuja Cements' reduced-CO₂ Blended Green Cement. The producer will fund the work through internal accruals, and expects to complete it in May 2025.

CEO Ajay Kapur said "These brownfield expansion projects are part of our strategy to double our production capacity over the next five years from the current capacity of 67.5Mt/yr. Our ongoing investments in capacity expansion and sustainability will enable us to achieve our long-term objectives, as we remain committed to delivering sustainable growth and value to our stakeholders."

India: Dalmia Cement (Bharat) plans to invest US$560m following the signing of a memorandum of understanding (MoU) with the Assam government on the construction of a new cement plant in the state. The Economic Times newspaper has reported that the producer expects the project to generate a total of 2500 new jobs.

Managing director and chief executive officer Mahendra Singhi said “This year also marks the 10th anniversary of Dalmia Bharat’s manufacturing presence in Northeast India. We remain deeply committed to continuing to be a partner in the region’s economic progress." He continued "The Northeast region has showcased a very forward-leaning mindset, being one of the fastest adaptors of low-carbon blended cement. The penetration of Low Carbon Green Cement is in line with our vision of becoming carbon negative by 2040, and further intensifies our commitment towards the Grey to Green movement.”

India: Birla Corporation recorded sales of US$1.06bn throughout the 2023 financial year, up by 16% year-on-year from 2022 financial year levels. The company’s cement segment contributed US$1bn in sales, up by 17% and corresponding to 95% of group sales. Group net profit was US$4.94m, down by 90% year-on-year from the previous financial year.

India: Nuvoco Vistas’ sales rose by 14% year-on-year during the 2023 financial year, to US$1.29bn. The group’s cement sales volumes were 18.8Mt, up by 5%. It recorded a profit after tax of US$1.95bn.

In 2023, Nuvoco Vistas achieved a cement alternative fuel (AF) substitution rate of 12%. Its emphasis on developing blended cements enabled it to achieve an industry-leading cement to clinker factor of 55%. It operations during the year relied on over 20% renewable energy.

India: Jaiprakash Associates has defaulted on loans worth US$482m, which were due for repayment on 30 April 2023. The producer has total borrowings of US$3.57bn, repayable by 2037. It informed the National Stock Exchange of India (NSE) that the outstanding debt is subject to on-going restructuring, but will reduce by US$2.21bn upon transfer of property belonging to Jaiprakash Associates to a shareholder-approved special purpose vehicle (SPV).