India: Penna Cement has received clearance for a US$207m initial public offering (IPO). The company will offer a US$33.3m stake for sale along with the fresh issue of US$173m. The Times of India newspaper has reported that the company plans to use US$73.3m of the fresh capital to settle its debts and to invest US$14m in the construction of second line at its Krishnapatnam grinding plant Andhra Pradesh. It will invest a further US$10.7m in an upgrade to raw material and clinker grinding mills at its Talaricheruvu cement plant, also in Andhra Pradesh.
Trinidad Cement launches ECO reduced-CO2 cement production
Trinidad & Tobago: Trinidad Cement has launched production of its new reduced-CO2 cement, called ECO, at its Claxton Bay cement plant. Trinidad & Tobago Government News has reported that the company invested US$73,800 in the development of the product.
Punjab government implements groundwater charge for cement producers
Pakistan: The government of the Punjab will charge cement producers in the state up to US$0.93/m3 for ground water used in their cement production. The Dawn newspaper has reported that the charge will depend on water availability, and be US$0.6/m3 in water secure areas, US$0.85/m3 in semi-critical areas and US$0.93/m3 in critical areas most affected by drought. The measure aims to encourage rainwater harvesting in order to preserve water tables. The charges will fall upon Maple Leaf Cement, Gharibwal Cement, Dandot Cement, Flying Cement, Askari Cement and Fauji Cement. They will remain in force until the establishment of a Punjab Water Services Regulatory Authority and its enactment of water extraction rates.
Hanson UK drivers accept pay deal
UK: 200 Hanson UK cement truck drivers have ended a one-month strike after accepting an improved pay deal. Construction Enquirer News has reported that the producer has retroactively increased drivers’ pay by 2.8% from 1 January 2021 and agreed to increase pay by a further 3.3% from 1 January 2022. Drivers’ overnight allowance will retroactively increase to Euro49.7/night from 1 October 2021, and the company has committed to a transformation of bank holiday working arrangements. Additionally, its management will share its fleet replacement programme with its drivers.
