Displaying items by tag: Shree Digvijay Cement

India: Shree Digvijay Cement’s income rose by 2.5% year-on-year to US$63.6m in the year to 31 March 2019 from US$62.1m in the same period in 2018. Its profit fell to US$0.3m from US$1.93m. Notably, its power and fuel costs grew by 29% to US$22.3m during the year. For the last quarter of the reporting year its income fell by 11%. Private equity company True North purchased a majority stake in the cement producer from Brazil’s Votorantim Cimentos in April 2019.

India: Private equity company True North has purchased a 54% stake in Shree Digvijay for a reported US$17m from Brazil’s Votorantim Cementos. Other companies bought the rest of Votorantim’s 75% share in the business, according to Bloomberg. True North signed a deal to buy the cement producer in late 2018. Shree Digvijay operates an integrated cement plant at Jamnagr in Gujarat.

India: Private equity company True North has signed a deal to buy Votorantim Cimentos’ direct and indirect 75% stake in Shree Digvijay Cement for an undisclosed sum. The acquisition will require completion of a mandatory open offer to the minority shareholders of Shree Digvijay Cement. JM Financial Limited is acting as the manager to the open offer.

“Votorantim Cimentos has contributed significantly to the strategic initiatives taken at Shree Digvijay Cement over the last few years. This has strengthened its competitive positioning and has greatly improved its operating and financial performance. True North firmly believes in Shree Digvijay Cement’s competitive positioning and is looking forward to partnering with the existing management and employees of the company. We are very excited about this opportunity, with fresh investment and new thinking we can create a lot of value for all,” said Said Srikrishna Dwaram, a partner with True North.

True North holds experience with investments in the Indian construction and building materials space. It has owned and managed two businesses in the sector: RDC Concrete, a manufacturer of ready-mix concrete and Robo Silicon, a manufacturer of construction aggregates.

India: Shree Digvijay’s income rose by 11% year-on-year to US$17m in the quarter to 30 June 2018 from US$15.4m in the same period in 2017. It profit for the period increased by nearly four times to US$0.86m from US$0.22m.

India: Shree Digvijay Cement has appointed Vikas Kumar as its chief financial officer with effect from 1 May 2018. He succeeds MV Ramaswamy who has resigned from the company.

India: Votorantim Cimentos is rumoured to be selling its 75% stake in Gujarat-based Shree Digvijay Cement as part of its strategy to prioritise assets and reduce debt, according to ‘sources close to the company.’

The news comes as the company struggles amid rising competition among mid-sized Indian cement producers. It made a net profit of US$2.0m in the 12 months to 31 March 2018 from a turnover of US$63.5m. In 2012, before Votorantim took over the company, it made a net profit of US$1.2m from a turnover of US$64.2m.

India: Jorge Alejandro Wagner has been appointed as an additional director of Votorantim’s subsidiary Shree Digvijay Cement. Sven Erik Oppelstrupp Madsen has retired as a director following his departure from the role as chief executive officer (CEO) of one of Votorantim’s subsidiaries in Spain

Wagner holds a Master of Sciences in Management (MBA) from Pardue University Indiana in the US and a mechanical engineering degree from the Universidad Nacional de mar del Plata in Argentina. He started working for Votorantim Cimentos in 2002 in Brazil, later becoming the CEO for Spain in 2012. Prior to working for Votorantim he held roles with Esso Sapa, the Argentinean subsidiary of Exxon Mobil, and McKinsey & Company.

India: Brazilian cement major Votarantim Cimentos, InterCement Austria Holding and Camargo Corrêa have settled a case with the Securities and Exchange Board of India (SEBI) for alleged violation of takeover protocols regarding Shree Digvijay Cement. They have paid over US$115,000 in settlement charges.

SEBI had initiated adjudication proceedings against the three companies over the violation of provisions Substantial Acquisition of Shares and Takeovers (SAST) regulations. It was alleged that the entities failed to comply with certain provisions of the SAST regulations while making an open offer for acquisition of 36.7 million shares, representing a 26% stake in Shree Digvijay Cement.

India: Shree Digvijay Cement has announced that the board of directors has appointed Suresh Meher as the company secretary and key managerial personnel under the Companies Act 2013, with effect from 1 July 2015. S N Malpani, present company secretary and compliance officer, relinquished his current position effective from the same date, though he will superannuate from Shree Digvijay Cement on 6 January 2016. The board also approved the appointment of Suresh Meher as compliance officer with effect from 1 July 2015.

India: Shree Digvijay Cement Company has reported that Persio Morassutti has been appointed as a director. He will replaces Osvaldo Ayres Filho following his resignation.