Displaying items by tag: India

India: The Union Council of India has approved a US$1.4bn distress fund to help developers finish partially completed residential developments. Business Today has suggested that the financing, which prioritises affordable and middle-income housing projects, will bolster demand for cement producers. The launch of the scheme follows India’s decision not to join the Regional Comprehensive Economic Partnership on 4 November 2019, for which it stated reasons of a trade deficit with 11 of the 15 other signatories and the rejection of its proposed three-tier structure for phasing out tariffs.

India: Birla Corporation and its subsidiary RCCPL have acquired a 26% stake in AMPSolar Clean Power. The cement producer plans to buy solar power for its Raebareli cement grinding plants and its Kundanganj cement grinding plant.

India: HeidelbergCement India is targeting expansion options to increase its production capacity to 20Mt/yr from 12.5Mt/yr. Managing director Jamshed Cooper said that the company is looking at companies in the range of 5 – 10Mt/yr in order to avoid the National Company Law Tribunal (NCLT) process, according to the Indo-Asian News Service. The cement producer is also planning to build a 22MW waste heat recovery unit at its Zuari plant in Yerraguntla, Andhra Pradesh at a cost of US$28m. Debottlenecking initiatives are also being conducted at a cost of US$7m to increase overall production capacity by 0.5Mt/yr when completed in 2021.

The group operates two subsidiaries locally: HeidelbergCement India and Zuari Cement. HeidelbergCement India serves the central markets and Zuari Cement, a former Italcementi subsidiary, focuses on the south of the country.

India: Dalmia Cement (Bharat) and Dalmia Refractories plan to merge their refractory businesses. The subsidiaries of Dalmia Bharat have approved schemes of arrangement to consolidate under a single company known as Dalmia OCL. Dalmia OCL in turn will be held by a holding company known as Dalmia Bharat Refractories. The intention of the merger process is to create a single refractory company of ‘significant’ size, to simplify the corporate structure and to achieve economies of scale.

India: The leading global supplier of cement kiln refractories, has produced its first test batch of magnesia carbon bricks (MCBs) for use in cement kilns at its 18,000Mt/yr Tangi plant near Cuttack in the state of Odisha. The company acquired the fully-equipped plant in August 2019 for Euro5.5m and has said production will be supported by a ‘new state-of-the-art world-class research and development centre currently under construction in Bhiwadi’ in serving the needs of the regional cement industry.

India: JK Cement has revealed its rebranded JK Wall Putty, which will be known as WallMaxX. JK Cement operates 10.9Mt/yr of cement capacity across India. It launched its JK Wall Putty, the main constituent of which is its white cement, in 2002 to give a highly water-resistant finish to plaster that prevents seepage and flaking.

Bangladesh: UltraTech Cement Middle East Investments (UCMEI) has announced that it has entered into a binding agreement by which it will sell its entire shareholding in Emirates Cement Bangladesh and Emirates Power Company to HeidelbergCement Bangladesh.

Under the terms of the agreement, UCMEI will divest its entire shareholding at an enterprise value of US$29.5m. The deal is subject to regulatory approvals in compliance with the laws of Bangladesh.

India: The India Cements, south India's largest cement maker by volume, has stated that it may have to delay its planned capital expenditure projects, if the Indian economy continues its relative ‘slump.’ The company’s proposed projects include an investment of US$195m on a greenfield plant in Madhya Pradesh and a grinding plant in Uttar Pradesh.

India is going through what many consider to be a ‘unprecedented’ economic slowdown following GDP growth of ‘a mere 5% in the third quarter of 2019, a six year low. This has led to a slowdown in government spending, directly affecting cement consumption and capacity utilisation rate at The India Cements’ plants.

“We may hold back capital expenditure," said N Srinivasan, the company’s Vice Chairman and Managing Director. “I want to expand. I want to go there, but I want to be sure before I go!"

India: JK Cement is awaiting environmental clearance to commence construction of a 2.0Mt/yr grinding plant at Aligarh in Uttar Pradesh. The project has been valued at US$37.5m. Domex has reported that FLSmidth is in the process supplying machinery to the facility, for which civil work has been completed. Its 2.0Mt/yr Ordinary Portland and Portland Pozzolana Cement production capacity will bring JK Cement’s installed capacity to 12.9Mt/yr. It already grinds 3.0Mt/yr of clinker at its Mudhol grinding plant near Bagalkot in Karnataka.

India: Tamil Nadu Cement has constructed a second 1.0Mt/yr production line at its 0.7Mt/yr Ariyalur cement plant, bringing its total capacity to 1.7Mt/yr. Projects Today has reported that Tamil Nadu Cement, which also operates a 0.4Mt/yr integrated cement plant in Alangulam, will employ 250 at the second line, the development of which will cost US$115m. In the 12 months to 31 March 2019, Tamil Nadu Cement sold 74% of cement produced at its plants (0.4Mt) to the Rural Development Agency and other government departments at lower than market rate.