Displaying items by tag: India

India: JK Lakshmi Cement board has approved a corporate restructuring to merge three subsidiaries: Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries. The merger is due for completion on 1 April 2025.

India: JSW Cement has entered the competition to acquire a 38% stake in Orient Cement from the CK Birla Group, against UltraTech Cement and Adani Group. UltraTech Cement is reportedly in advanced discussions with CK Birla, having proposed a share price range of US$4.18 - 4.48, which places the enterprise value at US$872m-931m. The Adani Group has also expressed interest in acquiring Orient Cement, although their negotiations have been hindered by valuation disputes and environmental clearance issues.

India: The board of Shiva Cement has approved plans to build a 1Mt/yr cement grinding plant at Sambalpur in Odisha. The unit will be built with Bhushan Power and Steel at one of its operating sites. As part of the deal Shiva Cement, a subsidiary of JSW Cement, has the option to buy the plant for US$45m. Approval from the Odisha Industrial Infrastructure Development Corporation and other relevant governmental authorities will be required to set up the plant.

India: UltraTech Cement, a subsidiary of Aditya Birla, has purchased a 33% stake in India Cements for US$472m. UltraTech now controls a 55% stake and plans to make an open offer for a further 20% at US$4.66 per share. The transaction, subject to regulatory approvals, values India Cements at approximately US$1.39bn and could increase UltraTech's holding to 75.49%, according to The Northlines news.

India: Wonder Cement has appointed Sanjiv Waid as State Head. He previously worked as a Sales Marketing Manager for Ambuja Cements and has held roles with Nuvoco Vistas and ACC. He holds a bachelor’s in Industrial Chemistry from Delhi University.

India: Gebr. Pfeiffer India has appointed Sridhar Shanmugha Sundaram as Senior Vice President, Head of Sales & Marketing.

Sundaram previously worked for FLSmidth for over 30 years. He started in the early 1990s as an Engineer – Plant Engineering and later became Manager - Cement Project Sales in India in the mid-2000s. Amongst other roles he was the Head of Project Sales in India in the mid-2010s and his last position with FLSmidth was as Vice President, Head of Global Product Line - Grinding and Gears from early 2023. Sundaram holds an undergraduate degree in Engineering from the College of Engineering Guindy in Chennai and an Executive Masters of Business Administration from Copenhagen Business School in Denmark.

India: Dalmia Bharat reported a net profit rise to US$17.3m for the first quarter of the 2025 financial year, up from US$17.2m crore in the same period in 2024. The company’s revenue from operations remained steady at US$433m. Cement sales volumes increased by 6% year-on-year to 7.4Mt, compared to 7Mt in 2023.

Managing director and CEO, Puneet Dalmia, said "During the quarter, even though cement demand was weak across regions amidst general elections, our volumes grew 6.2% year-on-year while margins improved to 18.5% from 16.9% in 2023."

India: UltraTech Cement reported a flat net profit for the three month period ending 30 June 2024 of US$203m, compared to US$202m in the same period in 2023. The company's income rose by 2% to US$2.18bn, while domestic sales volumes grew 7% year-on-year to 32Mt, despite a 9% decline from the previous quarter. EBITDA slightly declined to US$383m from US$384m.

India: Adani Group is planning to acquire cement assets from Jaypee Group, which include over 9Mt/yr of cement capacity, following Jaiprakash Associates' insolvency proceedings initiated in early June 2024. The National Company Law Tribunal in Allahabad admitted Jaiprakash Associates for corporate insolvency on 3 June 2024. Adani would acquire significant assets in the deal, including limestone mines and a power plant, although formal asset sale processes have not yet commenced.

India: Oriana Power has received an order for a 40MWp solar power plant in Rajasthan from a cement producer. The project is valued at US$18m. Oriana will provide engineering, procurement and construction, alongside the commissioning, operation and maintenance of the plant. The plant is scheduled for commissioning in April 2025, with a subsequent operation and maintenance period of 25 years.