Displaying items by tag: Murli Industries

India: Dalmia Cement (Bharat) has commenced cement production at its upgraded 2.9Mt/yr Murli cement plant in Maharashtra. The company invested US$125m to install a new fueling system, waste heat recovery (WHR) plant and solar power plant at the facility. It acquired the plant from Murli Industries for US$55.2m in 2020.

The new commissioning brings Dalmia Cement (Bharat)’s total installed capacity to 35.9Mt/yr.

India: Dalmia Bharat subsidiary Dalmia Cement plans to increase its installed cement production capacity in Eastern India by a further 4.8Mt/yr. The Economic Times newspaper has reported that its remaining planned upgrades in the region consist of a 2.3Mt/yr capacity expansion at a grinding plant in Odisha and a 2.5Mt/yr capacity expansion at a grinding plant in Bihar. The Odisha upgrade is scheduled for commissioning in mid-2021 and the Bihar upgrade is scheduled for commissioning in 2023. When both completed, the new lines will increase the producer’s cement capacity to 40Mt/yr.

The company says that it plans to announce further capital expenditure (capex) investments. It said that its subsidiary Murli Industries requires US$47.7 - 54.5m-worth of capex spending. It acquired the company, based in the western Indian state of Maharashtra, in the 2021 financial year. Managing director Puneet Dalmia said that the company would wait for greater economic certainty before launching the next round of expenditure. He said that the company’s aim is to become a national producer.

India: The National Company Law Tribunal (NCLT) in Mumbai has approved Dalmia Bharat’s offer for debt-laden Murli Industries, subject to conditions intended to stop the company going into liquidation. The tribunal has given Dalmia Bharat until 12 July 2019 to decide if it wants to proceed, according to the Economic Times newspaper. The conditions include forcing the buyer to reinstate lapsed mining leases related to Murli Industries itself and removing clauses allowing Dalmia Bharat to modify or withdraw its plans at any stage. Dalmia Bharat bid around US$60m to buy Murli Industries’ 3Mt/yr cement plant in Maharashtra in late 2017.

India: Dalmia Bharat is set to acquire Murli Industries, a Nagpur based cement manufacturer, by investing US$62.4m. Murli owns a 3Mt/yr integrated cement plant. As per the resolution plan, Dalmia Bharat will cancel most of the equity of Murli Industries and pay its lenders US$54.6m. This is 80% below what Murli owes the banks.

Murli had a loan of US$140m but the amount it owes is US$265m after interest and penalties. However, since the lending banks have already either written off the loan or have sold it to asset reconstruction companies, the relatively low value of the rescue deal from Dalmia Bharat does not affect them.

India: The Debt Recovery Tribunal (DRT) in Nagpur has barred Murli Industries from selling or mortgaging its assets due to outstanding debts of over US$275m. The nine directors of the company have been asked not to leave the country without prior permission of the tribunal, according to the Times of India. Accusations of financial irregularities have also been levelled at the directors by the tribunal.

Murli Industries runs a cement plant in Chandrapur, Maharashtra that has been described by the Times as ‘practically closed down’. Workers at the unit have not been paid reportedly since the autumn of 2015. Subsequently they have preventing the company from transporting cement or raw materials out of the plant until they are compensated.