Displaying items by tag: Orient Cement
Orient Cement to upgrade Devapur plant
23 July 2018India: Orient Cement plans to upgrade its Devapur in Adilabad District, Telangana. It will invest US$290m towards more than doubling the unit’s cement production capacity to 7.5Mt/yr from 3Mt/yr, according to the Press Trust of India. The cement producer obtained first stage clearance from the Ministry of Environment, Forest and Climate Change to expand the existing integrated cement plant. However, final clearance from the Ministry is still awaited.
India: The Singareni Thermal Power Plant based in Pegadapalli in Telangana is supplying around 4000t/day of fly ash to local cement producers including Orient Cement, Kesoram Cement and others companies. The 1200MW coal power is part of the Singareni Collieries Company, according to the Hindu newspaper. The management of the plant believes that they achieved a record in 2017 – 18 by utilising over 91% of the fly and bottom ash generated by the power plant.
India: Orient Cement has cancelled a deal to buy three cement plants from Jaiprakash Associates. The companies signed an agreement in May 2017 to buy a 74% stake in Bhilai Jaypee Cement for US$225m and the acquisition of the Nigrie cement grinding plant in Singrauli, Madhya Pradesh from Jaiprakash Power Ventures for US$77m. Orient Cement said that the terms of the agreement allowed either party to terminate it if it did not complete within 12 months.
Bhilai Jaypee Cement, a joint venture between Jaiprakash Associates and the Steel Authority of India Limited (SAIL), has a 2.2Mt/yr integrated Portland slag cement plant in Satna Madhya, Madhya Pradesh and a grinding plant in Bhilai, Chhattisgarh.
India: Orient Cement has paid US$46,000 in compensation to the families of two workers who were electrocuted at the Chittapur cement plant. The move follows tension in the local community, according to the New Indian Express newspaper. The cement producer has also agreed to offer employment to the members of both families and to grant pensions to the widows of the workers.
India: Orient Cement has signed a deal with Jaiprakash Associates to buy three cement plants from it for US$302m. The arrangement, which was originally announced in October 2016, includes a deal to buy a 74% stake in Bhilai Jaypee Cement for US$225m and the acquisition of the Nigrie cement grinding plant in Singrauli, Madhya Pradesh from Jaiprakash Power Ventures for US$77m, according to the Hindu newspaper. Bhilai Jaypee Cement, a joint venture between Jaiprakash Associates and the Steel Authority of India Limited (SAIL), has a 2.2Mt/yr integrated Portland slag cement plant in Satna Madhya, Madhya Pradesh and a grinding plant in Bhilai, Chhattisgarh.
The transaction will be funded by Orient Cement through a mix of internal accruals, debt and equity funding. The acquisitions will increase Orient Cement’s production capacity to 10.2Mt/yr from 8Mt/yr and it will grant it access to the central and eastern regions of the country.
Orient Cement joins Cement Sustainability Initiative
26 April 2017India: Orient Cement, part of CK Birla Group, has joined the Cement Sustainability Initiative (CSI). The CSI is a voluntary chief executive officer led business initiative operating under the umbrella of World Business Council for Sustainable Development (WBCSD) and a global effort by major cement producers towards sustainable development. Orient Cement expects membership of this initiative to give it impetus in its efforts to create a safe and ecologically favourable environment where it operates.
“We are delighted to be a part of the global mission to make our industry shoulder the responsibility for global sustainability. We thank the WBCSD and the CSI for partnering with us in our journey. We expect to contribute to and benefit from our participation in the various working groups of this initiative and look forward to a very engaging and fulfilling journey ahead,” said Deepak Khetrapal, the managing director and chief executive officer of Orient Cement.
Jaypee Cement to return coal blocks to ministry
20 October 2016India: Jaypee Cement is seeking approval from the Ministry of Coal to return two captive coal blocks, which it previously won by auction in 2015. The company has told the ministry that it does not require the coal blocks as it has sold off the attached cement plants, a ministry official told the Economic Times newspaper. The official added that Jaypee Cement could be barred from bidding for other coal blocks for one year and that bank guarantees equivalent to a year’s revenue from the mines could be seized. The two blocks are Majra in Maharashtra and Mandla South in Madhya Pradesh.
Orient Cement agreed to purchase three cement plants from Jaiprakash Associates for US$292m in early October 2016.
India: Orient Cement is to buy three cement plants from Jaiprakash Associates for US$292m. The cement producer will acquire a 74% stake in Bhilai Jaypee Cement for US$217m from Jaiprakash Associates and the Nigrie cement grinding plant from Jaiprakash Power Ventures for US$75m, according to the Press Trust of India.
Bhilai Jaypee Cement, a joint venture between Jaiprakash Associates and the Steel Authority of India Limited (SAIL), has a 2.2Mt/yr integrated Portland slag cement plant in Satna Madhya, Madhya Pradesh and a grinding plant in Bhilai, Chhattisgarh. The acquisition will also give Orient Cement access to limestone reserves and other raw materials including slag. The Nigrie cement grinding plant in Singrauli, Madhya Pradesh, has a capacity of 2Mt/yr.
"The current proposal to acquire BJCL from JAL is a significant step towards accomplishing our current mission of reaching a capacity of 15Mt/yr by 2020," said CK Birla Group chairman CK Birla, owner of Orient Cement. At present, the cement producer has 8Mt/yr from three plants in Telangana, Maharashtra and Karnataka.
Orient Cement’s net profit falls by 35%
20 October 2015India: CK Birla's Orient Cement has reported a 35.4% year-on-year decline in its net profit to US$4.32m for the quarter that ended on 30 September 2015 due to lower income and higher expenses and finance costs.
Orient Cement's net sales fell to US$54.7m in the quarter compared to US$59.2m in the same quarter of its previous fiscal year. The company's total expenditure rose to US$51m from US$49m in the same period of 2014.
As part of the growth plan to reach 15Mt/yr capacity by 2020, Orient Cement is setting up a 3Mt/yr capacity plant in Chittapur, Gulbarga for US$308m.
India: Orient Cement has reported a 20% year-on-year decline in its net profit to US$4.37m for the first quarter of its 2016 fiscal year, which ended 30 June 2015, on the back of fall in revenues. Total income from operations decreased by 8.69% to US$54.8m. However, its earnings before interest, taxes, depreciation and amortisation (EBITDA) margin was stable at 17%, mainly due to lower raw material and power and fuel expenses. Orient Cement also announced that it has appointed Swapan Dasgupta as additional director in the category of Independent Director.