Displaying items by tag: UltraTech Cement

India: UltraTech Cement has signed a deal to acquire a 26% stake in renewables company Clean Max Terra. The Free Press Journal has reported that the cement producer expects Clean Max Terra help it to meet its renewable energy needs, optimise its energy costs and comply with regulatory requirements for captive power consumption.

India: UltraTech Cement has signed a memorandum of understanding (MoU) with the government of Bihar for the investment of US$120m in the state.

Press Trust of India News has reported that the Bihar government has asked the government of India to grant the state special status in order to advance its industrial development.

India: UltraTech Cement plans to more than double the share of renewable electricity in its energy mix to 60% by the 2026 financial year, which will end on 31 March 2026, from 22% at present. Asian News International has reported that the group plans to reach 85% renewable energy use by 2030. It presently has 691MW-worth of installed renewable power capacity, comprised of 429MW of contracted renewable power plants and 262MW of waste heat recovery (WHR) plants. Other decarbonisation technologies in UltraTech Cement’s operations besides renewable power include its use of compressed natural gas and liquefied natural gas as vehicle fuel.

India: Kesoram Industries says that it will repay US$180m-worth of loans from Cerberus Capital Services, Edelweiss and Goldman Sachs ahead of maturity. The Economic Times newspaper has reported that the company is repaying the debt in anticipation of refinancing following a merger deal with UltraTech Cement. Kesoram Industries expects the deal to lower its cost of borrowing.

India: UltraTech Cement’s acquisition of Kesoram Cement will raise its share of capacity in the Southern Indian cement market to 21% from 11%, according to BusinessLine Online News. Market researcher Emkay Global said that it expects the acquisition and UltraTech Cement’s current expansion plans to raise the group’s total share of cement capacity in Southern India and Western India by 7 – 8%.

India: UltraTech Cement has concluded an agreement to acquire Kesoram Cement from Kesoram Industries for US$912m. The Times of India newspaper has reported that the price includes an equity value of US$646m and debt of US$267m. As part of the deal, Kesoram Industries shareholders will gain single shares in UltraTech Cement for every 52 shares they hold in Kesoram Industries.

Kesoram Cement operates two cement plants – the 10.8Mt/yr Vasavadatta plant in Karnataka and the 660,000t/yr Kesoram cement plant in Telangana – and a packing plant in Maharashtra.

Kesoram Industries says that the sale of Kesoram Cement will help it to focus on its chemicals, rayon and transparent paper businesses.

India: UltraTech Cement has bought the 540,000t/yr Patratu grinding plant from Burnpur Cement for US$20.4m. The Hindu Business Line newspaper has reported that the purchase brings UltraTech Cement’s installed cement capacity to 133Mt/yr.

India: UltraTech Cement, India’s largest cement producer has commenced negotiations to acquire promoters’ stakes in Kesoram Industries, which sells cement under the Birla Shakti brand. It has two cement plants: Vasavadatta Cement in Sedam, Karnataka, and Kesoram Cement, located in Basantnagar, Telangana. The two plants have a combined cement capacity of 10.8Mt/yr.

India: Village leaders from Maharashtra’s Chandrapur District began a hunger strike on 17 November 2023 with the stated aim of ensuring that UltraTech Cement continues to deliver on its commitments to its host communities. Specifically, the demonstration sought to make the producer distribute funding for roadbuilding projects across 12 villages surrounding its 3.6Mt/yr Awarpur cement plant. The Hitavada newspaper has reported that UltraTech Cement agreed to the strikers’ demands on 19 November 2023. In addition to the funding, the company will give preferential treatment to industrial training institute (ITI) and polytechnic students lodging at the selected villages when allocating apprenticeships and training places and make some of its land available for community uses.

UAE: India-based UltraTech Cement has issued a US$73.5m corporate guarantee in favour of Abu Dhabi Commercial Bank. Reuters has reported that the guarantee covers credit facilities availed by the group’s subsidiary UltraTech Middle East Investments.