Displaying items by tag: saurashtra cement

India: Saurashtra Cement has appointed Pradeep Mehta as its chief financial officer (CFO). He will succeed Virendra Raj Mohnot in the post, who is retiring, with effect from 9 September 2024.

Mehta has worked in corporate finance roles for nearly 30 years most recently as the President-CFO of Garware High-Tech Films. He also worked as the CFO of Arihant Superstructures and has held finance positions with Mabati Rolling Mills, Jindal Steel and Power Global Ventures, Essar Steel, Jindal Power and Grasim industries. He holds an undergraduate degree in mathematics and is a registered chartered accountant.

India: Adani Group is exploring potential acquisitions of several cement companies including Penna Cement, Saurashtra Cement, the cement business of Jaiprakash Associates and Vadraj Cement owned by ABG Shipyard. The group plans to invest US$3bn in these acquisitions to potentially surpass its rival, UltraTech Cement, within three to four years.

The group is ready to offer an enterprise value of US$85-120/t for these businesses, focusing on those with expansion potential, limestone mines and packing terminals. These acquisitions are part of a strategic push to leverage the ongoing government-driven infrastructure boom, which is expected to increase demand significantly.

India: Saurashtra Cement and Gujarat Sidhee Cement have agreed to merge into a single entity. Their respective boards of directors approved the plans on 30 December 2021.

India: Three construction workers have died after scaffolding collapsed inside the chimney of Saurashtra Cement’s Porbandar cement plant in Gujarat. India Today Online News has reported that a team of ten builders was performing repair work before the accident occurred. Four of the seven survivors remain trapped. District officials have established contact with them via a drone.

India: According to Finalaya News, Mauritius Debt Management has sold a 0.65% stake in Saurashtra Cement for US$210,807. It sold 330,000 shares at an average price of US$0.63 on the Bombay Stock Exchange (BSE).

India: Saurashtra Cement's net profit rose by 107% to US$6m in the fourth quarter of 2015, which ended on 31 March 2015, compared to US$2.89m during the prior year quarter. Sales declined by 21.6% to US$21.6m in the fourth quarter compared to US$27.5m during the 2014 fourth quarter.

For the full 2015 financial year that ended on 31 March 2015, Saurashtra Cement's net profit rose by 227% to US$10.6m compared to US$3.25m during its 2014 financial year. Sales rose by 6.04% to US$87.8m during the year.

India: Saurashtra Cement Ltd has announced that Anupama Pai, who was appointed as vice president (legal) and company secretary from 1 October 2014, has resigned with effect from 30 November 2014.

India: A consumer court has asked a cement company to compensate a farmer for the cost of house construction as the quality of its cement was not found up to the necessary standards.

Rahimbhai Sherasiya started construction at his farm in Dhuva village with 200 bags of Hathi brand cement that he bought from Saurashtra Cement Ltd in December 2012 for US$871. As construction proceeded he found that the cement was of very poor quality. It could not hold construction material and further construction was not possible.

Sherasiya complained to the company and the authorised dealer but did not get a proper reply. Through company officials he sent samples of the cement to the laboratory of the Gujarat Engineering Research Institute (GERI) to get the cement tested for quality. GERI's report revealed that the cement was not as per the Indian Standard.

When the company refused to pay heed to his complaint, Sherasiya moved the Rajkot Consumer Dispute Redressal Forum and demanded compensation. This included the amount he had invested in paying for transportation and labour and purchasing construction material. The company denied all charges and claimed that GERI is not a government-approved agency and that its report was misleading.