Displaying items by tag: JK Cement

India: Kaushalya Logistics has commenced operations at its new depot in Amritsar, Punjab, Reuters has reported. The facility will serve JK Cement’s regional distribution operations.

India: JK Cement plans to invest US$584m in its construction of a new cement plant in the Jaisalmer district of Rajasthan. IM News has reported that the producer has already secured environmental clearance for the upcoming plant.

India: Sumnesh Khandelwal has resigned as the Deputy Chief Financial Officer of JK Cements. He has been in post since late 2021. Prior to this he was the Deputy President – Commercial for JMC Projects and was the CEO of Robo Silicon Private. Earlier in his career he spent nearly 20 years working for UltraTech Cement, eventually becoming a Joint Executive President. Khandelwal is a chartered account affiliated to The Institute of Chartered Accountants of India.

India: JK Cement has inaugurated its 2Mt/yr Prayagraj grinding plant in Uttar Pradesh. The Economic Times newspaper has reported that the plant raises JK Cement’s cement production capacity by 9% to 24Mt/yr.

India: JK Cement reported a net profit of US$28.1m for the quarter ending 31 March 2024, up by 47.5% year-on-year from US$19.2m. Net revenue increased by 23.3% to US$352m in January – March 2024, compared to US$285m in the same period in 2023. Operating expenses for the quarter rose by 18.2% to US$286m from US$242m in 2023.

India: JK Cement has inaugurated a US$341m new line at its Panna cement plant in Madhya Pradesh. The new line doubles the plant's capacity from 3.3Mt/yr to 6.6Mt/yr. Press Trust of India News has reported that the line is equipped with optimised kiln systems, energy-saving technologies and a waste heat recovery plant. The expanded Panna plant will help serve ‘growing demand’ in Central India, Uttar Pradesh and Bihar.

Managing director Raghavpat Singhania said "Our new Panna plant production line is a key pillar in our comprehensive business expansion plan, propelling us towards our vision of becoming a leading player in the cement industry. This strategic expansion allows us to meet the rising demand for high-quality cement, ultimately enhancing our ability to serve our customers.”

India: JK Cement has entered the East Indian market with the official launch of its grey cement business in Bihar. The company's initial phase targets nine districts in Southern Bihar, introducing its flagship JK Super Cement.

Deputy managing director and CEO Madhavkrishna Singhania said “Our initial focus will be on covering nine districts of Southern Bihar. With the upcoming Prayagraj plant coming online, we plan to swiftly expand our reach to encompass other districts in the near future. Additionally, we are actively exploring the possibility of setting up a plant in Bihar by 2025, further solidifying our commitment to the region."

India: Kaushalya Logistics Limited (KLL) has initiated operations of a hub depot in Varanasi for JK Cement. The depot, operational since 1 March 2024, is a significant expansion for KLL, enabling it to cater to the entire Bihar region and reinforcing its presence in the cement industry. KLL has also announced the decision to begin operations of a depot for Adani Cement in Madhya Pradesh. This is expected to commence in early to mid-2024.

Uddhav Poddar, Managing Director of KLL, said "KLL has reached notable milestones, commencing operations at a new Hub depot in Varanasi exclusively for JK Cement, effective 1 March 2024. This move signifies a significant stride in KLL's commitment to excellence and strategic expansion within the cement logistics sector.”

India: JK Cement Ltd has completed the acquisition of a 100% stake in Toshali Cements. The parties concluded their agreement in June 2023, at which time the value of the deal was reportedly US$19m.

Toshali Cements operates a 200,000t/yr cement plant and a 435,000t/yr grinding plant, both in Odisha.

India: The Office of the Deputy Commissioner of Income Tax, Kanpur, Uttar Pradesh, has issued a show cause notice to JK Cement with regard to possible short payments, non-payments or erroneous refunds, including associated interest, worth US$279,000.

Reuters has reported that the company expects ‘no material impact’ on its operational, financial or other activities due to the notice.