Displaying items by tag: Star Cement

India: UltraTech Cement has acquired an 8.69% stake in Star Cement for US$99m, at US$2.74/share. According to The Hindu Businessline, this minority stake acquisition could lead to UltraTech Cement eventually buying out Star Cement entirely, similar to its previous acquisition of India Cements on 20 December 2024.

India: Star Cement has said that it plans to expand its capacity by an additional 2Mt/yr through a greenfield project in Silchar at a cost of US$47.2m. The expansion is expected to be completed within the next two years.

This announcement comes after Star Cement dismissed reports suggesting that Adani Group subsidiary Ambuja Cement had entered talks to acquire the company, as part of its strategy to expand its presence in the Northeast. According to the Economic Times, Star Cement labelled the claims as ‘speculative’ and clarified that ‘no such discussions are underway.’

Sanjay Agarwal, joint managing director of Star Cement, said “At a time when the building materials sector is growing, we are not looking to exit this business.”

Star Cement has a total installed production capacity of 7.7Mt/yr. Its operations include a 1.67Mt/yr integrated cement plant in Meghalaya and four grinding units.

India: Star Cement has announced the formation of Ri Pnar Cement in Meghalaya as a wholly-owned subsidiary. The incorporation was approved by the Ministry of Corporate Affairs on 5 September 2024, and involves an authorised capital of US$11,911, divided into 100,000 equity shares valued at US$0.12 each.

India: Star Cement has launched a new clinker line at its Lumshnong, Meghalaya, cement plant. Capital Market News has reported that the line has a capacity of 3.3Mt/yr.

India: Star Cement is reportedly considering acquiring new cement assets in the southern India market. The Hindu newspaper has reported that the producer expects cement production capacity there to have a lower valuation than in its native north east India, due to its larger scale.

CEO Vinit Kumar Tiwari said “We have to find a target which is suitable for our appetite. We are open to all the areas. Obviously, the southern market is a more glut market. So, if we find any opportunity there at a good valuation, only then will we go for it.” He added “The next round of consolidation in the industry should be in the southern market because this market is quite fragmented and players are operating at a very low capacity utilisation.”

Star cement expects to raise its capacity by 70% to 9.7Mt/yr by early 2026 through US$264m-worth of expansion projects, including an expansion to the clinker line of its Lumshnong cement plant in Meghalaya. To date, it has invested US$108m in the projects.

India: Star Cement plans to implement a capacity expansion drive in order to raise its total grinding capacity by 70% to 9.7Mt/yr from 5.7Mt/yr. Dow Jones Institutional News has reported that the producer expects to capitalise on projected growth in cement demand in East and Northeast India.

India: Star Cement has appointed Vinit Kumar Tiwari as its chief executive officer. He succeeds Sajjan Bhajanka in the post. Bhajanka will continue to work for the cement producer as its managing director and chair.

Tiwari, aged 54, holds over 25 years of professional experience in the building materials sector. His most recent position was as the head of sales and market development for Nuvoco Vistas. Prior to working for Nuvoco Vistas, he was the country head for Greenply, a supplier of plywood and veneer products. Earlier in his career he worked for UltraTech Cement and Grasim Industries. He holds a bachelor of science degree and a master’s degree in business administration (MBA) in marketing.

India: The state government of Assam signed memoranda of understanding (MOUs) worth over US$974m on 9 May 2023. The MOUs include three new planned cement plant projects. Agreements have been signed with Calcom Cement India, Star Cement and Taj Cement Manufacturing.

The Economic Times newspaper has reported that the government said “There are another US$852 - 974m investment proposals in the pipeline. Investors are touring Upper and Lower Assam, scanning for locations for investment projects.”

India: Star Cement has appointed Arindam Acharya as its technical head based at Guwahati in Assam. He was worked in the cement sector for over 15 years, mostly recently holding the post of Assistant General Manager at Dalmia Cement (Bharat). Prior to this he has worked for The Ramco Cements, Ambuja Cements and UltraTech Cement. Achary holds qualification from Shivaji University and the Indian Institute of Management in Kolkata.

India: The board of directors of Star Cement has approved the sale of shares in two of its subsidiaries to a third subsidiary, Star Cement Meghalaya. Star Cement Meghalaya will acquire 40% stakes in Meghalaya-based Star Cement (I) and Assam-based Star Cement North East.

Neither Star Cement (I) nor Star Cement North East has yet to commence cement production. Parent company Star Cement is currently building two new grinding plants in Northeast India, where it is the market leader. The group also announced plans for a new 3Mt/yr clinker line in June 2022.