Displaying items by tag: India

India: The Office of the Deputy Commissioner of Income Tax, Kanpur, Uttar Pradesh, has issued a show cause notice to JK Cement with regard to possible short payments, non-payments or erroneous refunds, including associated interest, worth US$279,000.

Reuters has reported that the company expects ‘no material impact’ on its operational, financial or other activities due to the notice.

India: UltraTech Cement says that it has received demand orders from two local revenue authorities for issues relating to its past tax payments. The Financial Express Online newspaper has reported that the producer must pay a total of US$86,600, including interest and fines. Office of the Deputy Commissioner of State Tax, Bhavnagar, Gujarat, demanded US$56,400 due to an allegedly ineligible input tax credit. Meanwhile, the Office of the Assistant Commissioner of Central Goods and Service Tax Division II, Punjab, demanded US$30,200 due to input service distributor credit not reflected in its statement for the 2018 financial year.

UltraTech Cement plans to challenge the orders, to wit the company said that it has a ‘good case on merit’ to present before appellate authorities.

Thailand: Siam City Cement has appointed Ranjan Sachdeva as its Acting Group Chief Executive Officer (CEO) from the start of January 2024. He succeeds the former Group CEO Aidan Lynam in the position. Lynam had been in post since 2019.

Sachdeva has worked for Siam City Cement since 2017, first as the Group Head Internal Audit and Compliance and then as the Group Chief Financial Officer, from April 2023. Prior to this he worked in procurement and audit roles for Holcim in India. He has also worked for Vedanta and Nestle during his career. He holds a bachelor of engineering from the Thapar Institute of Engineering & Technology and a master of business administration (MBA) degree from the University of Leicester, among other qualifications.

India: Wonder Cement says that it has completed the construction of its new Tulsigam grinding plant in Gujarat. The Economic Times newspaper has reported that the new grinding plant will integrate with Wonder Cement’s existing facilities, including the Nimbahera cement plant in Rajasthan, and grinding plants in Haryana, Madhya Pradesh, Maharashtra and Uttar Pradesh.

The Tulsigam grinding plant will raise Wonder Cement’s capacity to 18Mt/yr, following the expansion of the Nimbahera cement plant to 11Mt/yr and the inauguration of the new Aligarh grinding plant in 2023.

Wonder Cement director Vivek Patni said "Each strategic move, including our new Tulsigam grinding unit, is aligned with our commitment to cater to India’s evolving infrastructural demands. We're poised for continued growth and are deeply committed to quality, innovation and societal impact."

India: UltraTech Cement sold 27.3Mt of cement during the third quarter of the 2024 financial year, up by 6% year-on-year from third-quarter levels in the previous financial year. 26.1Mt (95%) of sales were in India, representing a 5% year-on-year rise in UltraTech Cement’s domestic sales. Throughout the quarter, the company produced 25.4Mt of grey cement and 480,000t of white cement, Press Trust of India News has reported.

UltraTech Cement’s 23 cement plants, one clinker plant and 29 grinding plants commanded an installed capacity of 138Mt/yr on 1 January 2024.

India: Adani Group took a US$200m loan from Qatar National Bank earlier in December 2023. The Telegraph India newspaper has reported that the conglomerate will put the funds towards refinancing its pre-existing US$3.5bn loan for its acquisition of Holcim India.

Adani Group aims to control 140Mt/yr of cement production capacity by 2027.

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: Ambuja Cements has appointed Manoj Kumar Sharma as its Chief Human Resources Officer. He has worked in human resources since the 1980s with a 12-year stint at Aditya Birla Group from the early 1990s. He also holds management experience at a number of Adani Group subsidiaries since the late 2000s including senior postings at Adani Infra, Adani Power, Adani Green Energy and Adani Electricity. Sharma is a graduate of DAV College in Chandigarh and holds post-graduate credentials.

India: Hemadri Cements has appointed K Suryanarayanan as its chief financial officer (CFO). He is a qualified chartered accountant who holds over 25 years professional experience. Suryanarayanan has previously worked as a CFO for companies including Lancor Holdings, Accel, GET Power and VVD Group.

Hemadri Cements manages an integrated cement plant at Jaggayyapet in Andra Pradesh.

India: Shree Cement inaugurated its new 4.2Mt/yr Nawalgarh cement plant in Rajasthan on 14 December 2023. The plant boasts an 11,500t/day kiln, which is among the largest in India, according to the company. Following the inauguration, Shree Cement’s installed production capacity now stands at 53.4Mt/yr.

Managing director Neeraj Akhoury said “In our pursuit to become an 80Mt/yr company by 2028, we are excited to announce commissioning the kiln in our new integrated facility at Nawalgarh, Rajasthan. This facility is well suited to cater to the high consumption cement markets of National Capital Region, Punjab and Haryana, besides strengthening the company’s customer servicing capability in Rajasthan.”