Displaying items by tag: auction

India: Punjab National Bank (PNB) has invited asset reconstruction companies' bids for US$6.31m-worth of outstanding loans owed by Burnpur Cement. Press Trust of India News has reported that account has a reserve price of US$2.52m.

Russia: Holcim said that it has received interest from over 30 possible buyers for its Russian business. The group announced that it would sell the assets, including three cement plants, in March 2022, after the Russian invasion of Ukraine on 24 February 2022.

Chief executive officer (CEO) Jan Jenisch said that the sale would need to be handled ‘with very great diligence.’ He continued "We don't expect to write it off completely. I would hope this business has a value." Jenisch asked investors and commentators to ‘give us a couple of months’ to ‘get more clarity.’

China: Xinjiang Tianshan Cement, a subsidiary of Chizhou CNBM New Materials, has acquired mining rights for the Hengshan mining area and peripheral mines in Chizhou City’s Guichi District in Anhui province for US$376m. Reuters has reported that the company plans to make a total investment of US$1.38bn in establishing its mining operations there. The mines have limestone reserves of 513Mt and will be operational until 2043.

India: UltraTech Cement says it has been declared as the preferred bidder for a limestone block in an electronic auction conducted by the Karnataka government. The block is situated in Tehsil Chittapur of Kalburgi district in Karnataka next to the company’s integrated Rajashree plant. It has a total cement grade geological resource of 530Mt of limestone over an area of 7.86km².

India: ACC has announced its successful purchase at auction of the Kannur limestone block mineral reserve in Wadi, Kalaburagi District, from the Karnataka government. The producer plans to use the block to supply limestone for its Wadi cement plant.

India: UltraTech Cement has emerged as the preferred bidder in the auction of limestone company Ravur Limestone. Ravur Limestone’s limestone assets consist of 708Mt of stone over 7.13km² in Tehsil Chittapur in Karnataka’s Kalburgi district. The Karnataka government will conduct the sale by electronic auction.

India: Local press expects UltraTech Cement to be the successful bidder for the 210Mt-capacity Ramstahn Ghunchihai limestone mine in Madhya Pradesh. Sree Jayajothi Cements is the preferred bidder in another auction, for a large limestone quarry in Andhra Pradesh. Nine limestone mines sold at auction in the first half of the 2022 financial year.

Russia: Kaluga Cement Plant has put its unfinished cement plant in Kaluga Oblast up for auction. AK & M News has reported that the auctioneer has valued the site at US$374,000, with a reserve of just US$243,000. The reason for the sale is the bankruptcy of Kaluga Cement Plant.

Russia: Holdings company Smikom has won the auction to buy Eurocement from Sberbank. RBC News has reported the value of the deal as Euro2.1bn. Smikom, formerly known as BaselCement, will acquire a 100% share of Cyprus-based GFI Investments, which controls Eurocement Group. The final terms of the deal are still being agreed, according to sources quoted by the Russia-based media group. Neither Sberbank nor SmiKom have commented on the matter.

Sberbank acquired a 100% stake in GFI Investment in November 2020 following an increase in its debts in mid-2020. An electronic auction process for company then started in February 2021.

Eurocement is the largest cement producer in Russia operating 10 plants domestically and abroad.

Uzbekistan: Russia-based Eurocement has begun the auction for its 84% stake in Akhangarancement. Sputnik News has reported the total value of the stake as US$40.8m. In February 2021, Sberbank announced the start of a sale for the cement producer and its subsidiaries with the announcement of a buyer planned for April 2021.