Displaying items by tag: Shree Cement

India: Shree Cement’s profit fell in the quarter that ended on 30 June 2018 due to higher power, fuel and logistic costs. Its profit dropped by 36% year-on-year to US$40.7m from US$64.1m in the same period in 2017. However, its income rose by 5.4% year-on-year to US$461m. During the reporting quarter the cement producer commissioned a cement grinding mill at its Kodla cement plant in Karnataka, it purchased a railway terminal at Hathbandh in Chhattisgarh and it acquired a majority stake in Union Cement in the UAE.

UAE: India’s Shree Cement has completed its acquisition of Union Cement. Shree Cement has purchased a 97.61% in the company. It is the company’s first acquisition outside of India. Union Cement operates a cement plant Ras Al- Khaimah.

India: Shree Cement has commissioned the cement grinding mill at its Kodla cement plant in Karnataka. The mill has a cement production capacity of 3Mt/yr. The new integrated plant was proposed in early 2017 with a clinker production capacity of 2.8Mt/yr. It had an investment of US$260m and was scheduled to be completed by the end of 2018.

India: The Ministry of Environment, Forest and Climate Change has awarded terms of reference for Shree Cement's proposed plant at Bhuj in Gujarat. The proposed 3.5Mt/yr integrated plant project will include a waste heat recovery unit, a captive power plant, a synthetic gypsum unit and a railway terminal. The unit will be built near Maldo, Lakhpat tehsil in Kachchh district. Limestone for the plant will come from a quarry adjacent to the proposed site.

India: Shree Cement is to buy Raipur Handling & Infrastructure for US$8.9m. The railway company operates a railway terminal at Hathbandh in Chhattisgarh near to the cement producer's plant at Baloda Bazar. The acquisition is expected help Shree Cement manage its railway logistics better.

UAE: Union Cement plans to de-list its shares from the Abu Dhabi Securities Exchange and convert the company into a private joint stock company, according to the Gulf News newspaper. India’s Shree Cement agreed to buy Union Cement for US$305m in January 2018 subject to regulatory approval. Union Cement operates a cement plant Ras Al- Khaimah.

India: The Supreme Court has been informed that the government is considering a ban on the use of petcoke by various industries. Additional Solicitor General A N S Nadkarni, representing the Ministry of Environment, Forest and Climate Change, told the court that a decision on the matter could be made within one month, according to the New Indian Express newspaper.

At present it is unclear whether the cement industry would be affected. However, if it was included in the ban, this potentially could be a problem for Shree Cement, which uses 100% petcoke in its fuels mix, according to India Infoline News Service. Additionally, UltraTech Cement, JK Cement, JK Lakshmi Cement and Mangalam Cement have petcoke usages in the range of 75 - 85% and would also be negatively affected.

India: A public hearing for a proposed cement plant to be built by Shree Cement at Ghantikhal in Odisha has caused concern among local residents. According to a report in the Pioneer newspaper, no local people were allowed to speak at the event. The hearing was held to obtain permission from the Odisha State Pollution Control Board for the project.

India: Shree Cement has commissioned its new cement grinding unit at Bangur, Rohi Udaipur Udasar in Rajasthan. The plant has a grinding capacity of 3.60Mt/yr.

UAE: India’s Shree Cement has purchased Union Cement Company (UCC) based in the UAE for US$305m. Its board approved the acquisition of at least a 92.8% share in the company, according to the Press Trust of India. The transaction is expected to be completed by September 2018. Following the deal Shree Cement’s cement production capacity will rise to 33Mt/yr from 29.3Mt/yr. The acquisition is the company’s first outside of India.

UCC was established in 1972. It operates a cement plant Ras Al- Khaimah with a clinker production capacity of 3.3Mt/yr and a cement production capacity of 4Mt/yr.