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Displaying items by tag: India
Jaypee Infratech fined US$9140 for non-disclosure of non-convertible debt securities issue
15 March 2022India: The Securities and Exchange Board of India (SEBI) has fined Jaypee Infratech US$9140 for its failure to disclose its issue of a series of non-convertible debt securities. The company additionally failed to inform the BSE exchange of defaults in payment with respect to some of the series.
India: A gas pipeline explosion at JP Cement’s Naubasta cement plant in Madhya Pradesh’s Rewa district reportedly injured three workers in February 2022. India Today News has reported that the incident resulted in the hospitalisation of all three workers. 15 – 20 local people subsequently attacked the plant on 11 March 2022, where they threw sticks and stones at staff and vandalised equipment. A spokesperson for the rioters accused the company of suppressing news of the pipeline disaster.
ISGEC Heavy Engineering to supply waste heat recovery unit for Shree Cement’s Nawalgarh plant
09 March 2022India: ISGEC Heavy Engineering has received an order from Shree Cement to supply a waste heat recovery (WHR) unit for the integrated 3.8Mt/yr Nawalgarh plant in Rajasthan. The scope of work includes design, manufacture and supply of the system. The supplier says that this will be one of the world’s largest steam-based WHR units by capacity. ISGEC previously supplied two WHR units for Shree Cement’s Raipur plant.
India: Dalmia Bharat Group’s refractories subsidiary Dalmia-OCL has consolidated its businesses as Dalmia Bharat Refractories. The company said that the consolidation aims to strengthen the businesses’ financial standing, increase investment capabilities and positioning the new entity as a trustworthy and long-term partner for its customers in the cement industry.
Dalmia Bharat Refractories managing director and CEO Sameer Nagpal said "Our refractory business was divided into different companies which resulted in division of our financial, managerial and technical resources. This consolidation will lead into a more centralised, efficient and a robust management system with a stronger resource base for the future. The formation of Dalmia Bharat Refractories will allow us to offer a wider portfolio of products and services and deeper client relationships.” Nagpal added that the consolidation ‘Will enable us to become an alternative supply source to China in international markets.’
India: Wonder Cement says that its Chittorgarh, Rajasthan, cement plant’s electricity consumption fell by 1.8GWh year-on-year in 2021. It attributed the reduction to its use of an ACS880 slip power recovery system (SPRS) supplied by ABB India.
ABB India’s Motion business president Sanjeev Arora said “This project puts forth how we are one of the most trusted partners for customers when it comes to energy efficiency. He said that the company ‘has constantly promoted technologies that help in driving country’s carbon-neutral future,’ concluding “Our solutions are aiding businesses across India to cut energy expenses and decarbonise their operations.”
UltraTech Cement loses licences for Amreli limestone mines
24 February 2022India: The National Green Tribunal (NGT) has quashed UltraTech Cement’s environmental clearances for its Babarkot and Jafrabad limestone mines in Gujarat’s Amreli District, the Indian Express newspaper reports. The tribunal said that, as a cluster spanning over 50ha, extensions to the mines were subject to Ministry of Environment, Forestry and Climate Change (MEFCC) approval. This was not granted at the time of the latest expansions’ approval by the State Environment Impact Assessment Authority in 2018.
ACC commissions expanded Tikaria grinding plant
15 February 2022India: ACC has commissioned its Tikaria grinding plant in Uttar Pradesh after completing work to expand its capacity by 69% to 3.91Mt/yr. The plant will help ACC to serve the country’s increasing demand and increase its presence in Central India, according to the producer. The United News of India newspaper has reported that the company commenced the project in January 2021.
CEO and managing director Sridhar Balakrishnan said "ACC's strong belief and resilience in these difficult times enabled the team to commission the additional capacity at the Tikaria grinding plant. Meticulous planning and the collaborative approach of the Tikaria team has been the driving force in ACC’s setting a new benchmark in these unprecedented times."
Nuvoco Vistas to increase cement capacity by 4.58Mt/yr
11 February 2022India: Nuvoco Vistas plans to increase its installed cement production capacity by 21% to 26.9Mt through capital expenditures of more than US$253m. The Hindu BusinessLine News has reported that the company will invest US$200m in the establishment of its upcoming 2.18Mt/yr Kalaburagi cement plant in Karnataka. It will invest a further US$53.1m in upgrading its Bhiwani, Haryana, blending plant to make it into a 2.4Mt/yr grinding plant. Additionally, Nuvoco Vistas will establish alternative fuel (AF) processing plants at its Nimbol, Maharashtra, and Risda, Chhattisgarh, cement plants.
ACC buys Kannur limestone block
11 February 2022India: ACC has announced its successful purchase at auction of the Kannur limestone block mineral reserve in Wadi, Kalaburagi District, from the Karnataka government. The producer plans to use the block to supply limestone for its Wadi cement plant.
HeidelbergCement India’s third-quarter 2022 financial year results show sales and profit decline
09 February 2022India: In its results for the third quarter of the 2022 financial year, HeidelbergCement India has recorded a sales decline of 9.5% year-on-year to US$71.7m from US$79.2m. Its net profit for the quarter was US$4.07m, down by 52% from US$8.51m.