Displaying items by tag: JK Cement
Production resumes at JK Cement plant in Baglakot
09 February 2016India: Production has resumed at the 3Mt/yr JK Cement plant in Baglakot, Karnataka. It was temporality stopped following the sudden caving-in of the clinker silo roof in January 2016.
"Production of clinker and cement has resumed with operation of the kiln by making an alternate arrangement using two belts conveyors for feeding the clinker directly to the cement mill," said the company in a statement.
While production was suspended the company has been supplying the market using supplies at its depots. Normal levels of production are expected to be achieved by late February 2016. The clinker silo is expected to be repaired within six months.
India: JK Cements has reported a 58% fall in its consolidated net profit to US$2.09m for the quarter that ended on 30 September 2015. However, its total standalone income rose by 5% to US$133m. The company's total expenses grew to US$122m from US$11.7m.
India: JK Cement has received the necessary approval to make Jaykaycem (Central) its wholly-owned subsidiary by acquiring 100% of the paid up equity capital. The JK Cement board of directors approved the move on 26 June 2015.
India: JK Cement's net profit fell by 8.5% year-on-year to US$10.9m in the fourth quarter of 2015, which ended on 31 Mar 2015. The net profit for the whole 2015 financial year rose by 61.7% year-on-year to US$24.6m.
JK group chairman chief patron Singhania dies
04 February 2015India: JK group Chairman Gaur Hari Singhania died on 4 February 2015 following a heart attack. Singhania, aged 80 years, was also the President of J K Organisation and a Promoter Director of JK Cement Ltd since its inception in 1994. He is survived by a son, Yadupati Singhania.
Singhania held chairmanship in other companies including Jaykay Enterprises Ltd, JK Cotton Ltd and JK Traders Ltd. He also served as Chairman of Merchants of Uttar Pradesh, the Employers Association of Northern India. He was also the founder chairman of the Uttar Pradesh Stock Exchange and founder patron of Associated Chamber of Commerce. Additionally, he served as Director in various corporations, such as in Pradeshiya Industrial Investment Corporation of Uttar Pradesh, UP State Industrial Development Corporation and Uttar Pradesh State Sugar Corporation.
A sports lover, he was the chief patron of Uttar Pradesh Cricket Association (UPCA). He also contributed to various universities and had opened a university at Udaipur, Rajasthan.
JK Cement completes expansion
03 October 2014India: JK Cement has commenced production and dispatch of cement from an expansion project at its cement plant in Mangrol, Chittorgarh, Rajasthan. The plant, which started production in 2001 at a rate of 0.75Mt/yr, had a capacity of 1Mt/yr prior to the upgrade. The company has plans to eventually increase the plant's capacity to 3Mt/yr in the future.
One of the largest cement makers in northern India, JK Cement is also a major producer of white cement. It exports to South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania, UAE and Nepal.
JK Cement’s director dies
06 August 2014India: The director of JK Cement, Shri Jagendra Swarup, passed away on 30 July 2014. His replacement is expected to be announced shortly.
India: JK Cement has appointed Sushila Devi Singhania as an additional director with effect from 26 July 2014.
CCI imposes US$66.2m penalty on Shree Cement
19 June 2014India: The Competition Commission of India (CCI) has imposed the penalty on Shree Cement while issuing the final order in a case against cement manufacturers and their trade body, the Cement Manufacturers Association (CMA).
"The Commission has imposed a penalty on Shree Cement Ltd at the rate of half of its profits for the years 2009 - 2010 and 2010 – 2011, aggregating to US$66.2m," said the CCI. The CCI added that it had, "Found 11 cement manufacturers, including Shree Cement and the CMA, in contravention of the provisions of the Competition Act 2002, which deal with anti-competitive agreements, including cartels." It asked Shree Cement to refrain from such anti-competitive activities in the future.
With regard to the other companies, the CCI said that as they were fined earlier, it was not imposing any penalty on them again for the same period of contravention. In June 2012 the CCI imposed a US$1.05bn fine on 11 leading cement makers, including ACC, Ambuja Cements, UltraTech, India Cements, Binani Cement, JK Cement, Madras Cement, Lafarge and Jaypee Cement. The industry body CMA was also fined US$121,717.
India: According to local media, the Jammu and Kashmir State government has ordered an enquiry of the managing director of JK Cement regarding the alleged embezzlement in the purchase of polypropylene bags. According to the allegations, US$156,857 was to be shared by JK Cement's managing director and a few of his trusted lieutenants.
JK Cement had placed an order to purchase cement bags from a factory outside of the state at exorbitant rates. The company had earlier ordered 3 million bags at a price of US$0.156/bag (US$469,052 total), of which 33% was to be supplied by Gopinath Enterprises Ahmedabad. The remaining supply was yet to be determined. The managing director of JK Cement later allegedly approved the purchase of 4 million bags from Bihar Raffia at a rate of US$0.18/bag (US$720,000 total). The former supplier, Gopinath Enterprises, was asked to stop the supply.