Displaying items by tag: Shree Cement

India: The Bihar state cabinet has approved a US$54m cement grinding plant planned by Shree Cement planned in the Aurangabad district of the state.

"The company had proposed to set up a cement plant with a production capacity of 2Mt/yr. It will also have a 12MW biomass-based captive power plant," said B Pradhan, Principal Secretary of the Cabinet Secretariat.

The state government agency Bihar Industrial Area Development Authority (BIADA) has provided 27 hectares of land on lease for the project. The project will provide employment to 300 skilled and unskilled persons.

India: Jaiprakash Associates Limited is selling its 2.1Mt/yr capacity split grinding plant at Bhilai, Chattisgarh to Shree Cements Limited for an enterprise value of US$293.
The deal is expected to be completed in October 2014.

Bhilai Jaypee Cement Limited is a joint venture between Jaiprakash Associates, which holds 74% stake in the unit and the Steel Authority of India Ltd (SAIL), which holds 26%. The cement plant, which has revenues of US$130m/yr, has US$97.5m of debt. After adjusting for this, the equity value of the deal is US$179 – 195m.

India: Shree Cement is considering importing coal from Indonesia in 2015. The Indian cement producer is in talks with Indonesian mines, according to a report by India Coal Market Watch. The report said that Shree Cement had purchased around 1.5Mt of US steam coal in 2013 – 14. Part of this allocation was re-sold by the company to brick kiln-makers in Punjab, Haryana and Rajasthan. Shree Cement is believed to have secured its steam coal and pet coke requirements until December 2014.

India: Bhavya Cements has received approval from the State Level Single Window Clearance Authority (SLSWCA) for the construction of a 3Mt/yr capacity cement grinding plant in Dhenkanal, Odisha, with a capital investment of US$60m. Separately, Shree Cement also plans to set up a 3Mt/yr capacity cement plant in the same location for US$74.4m.

India: Shree Cement has received the approval to acquire a 1.5Mt/yr cement grinding unit in Panipat, Haryana, which is currently owned by Jaiprakash Associates. The unit will reportedly be sold for US$59.6m.

The deal is subject to adjustments for any financial indebtedness and net working capital taken over as of the closing date and subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.

India: Shree Cement is planning an expansion of its captive limestone-mining project at Baloda Bazar, Raipur District, Chhattisgarh from 4.8Mt/yr to 8.6Mt/yr on 5.31km² of land. The project will be part of its integrated cement plant and will be designed by JM Enviro Net. The expansion is currently waiting for environmental clearance. Mining work is expected to commence within two years.

India: The Karnataka State government has granted an extension of two years to Shree Cement to establish its mega-cement plant at Kodla-Benakanalli village, Karnataka State.

Shree Cement was given permission to establish a 3Mt/yr cement plant at an investment of US$241m in January 2010, apart from establishing a captive 150MW power plant. It purchased 5.26km² of land directly from farmers to set up the plant and mine limestone.

While Shree Cement was able to get environmental clearance from the Ministry of Environment and Forests in September 2012, its application with the Karnataka State Pollution Control Board was pending. The company had also applied for permission from the Water Resources Department to draw 1500kL/day of water from the Kagina River.

India: 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: Shree Cement plans to set up a 3Mt/yr cement grinding plant at Odapada in Dhenkanal District, Odisha State for about US$76.6m. The location will enable the cement maker to utilise the fly ash produced at the power plants owned by Lanco Badband Power, GMR Kamalanga, Navabharat Ventures and Bhushan Steel based in the region. The plant will be built on an area covering 0.24km² of land which will be allotted by the district administration on Odisha Industrial Infrastructure Development Corporation's request.

India: Shree Cement is planning a 3Mt/yr limestone mining project at Baloda Bazar, Chhattisgarh. The project is part of an integrated cement plant project. Mining work is expected to commence in December 2014.