Displaying items by tag: Ambuja
Ambuja Cements appoints Suresh Joshi as CFO
10 December 2015India: Ambuja Cements, part of LafargeHolcim, has appointed Suresh Joshi as its Chief Financial Officer (CFO) with effect from February 2016. This followed the resignation of Ambuja Cements' former CFO Sanjeev Churiwala in October 2015.
In addition, Christof Haessig was appointed as an Additional Director (Non independent - representing the Promoter Group) on the Board of Directors with effect from 9 December 2015. Haessig, at present, is the Head of Corporate Strategy and Mergers and Acquisitions at LafargeHolcim.
Ambuja Cements reported a 36% decline in its standalone net profit to US$23m for the quarter that ended on 30 September 2015, compared to a net profit of US$35.8m in the same period of 2014. Its total standalone income fell by 4% to US$316m in the July - September 2015 quarter compared to US$330m in the same quarter of 2014.
India: The Competition Appellate Tribunal has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to resubmit the case. The Tribunal also allowed the cement manufacturers to withdraw the 10% penalty amount already deposited with the CCI, according to the Press Trust of India.
The judgement follows appeals filed by the cement firms and their industry body, the Cement Manufacturers Association, against the two CCI orders passed in June - July 2012. The cement companies included ACC, Ambuja Cements, Binani Cements, Century Textiles Ltd, India Cements, JK Cements, Lafarge India, Madras Cements, Ultratech, JP Associates and Shree Cements.
The CCI had passed the orders after an investigation into complaints, including from Builders Association of India (BAI), against alleged price collaboration between cement firms.
The orders were later challenged at the Competition Appellate Tribunal, which ordered that 'the impugned order is set aside and the matter is remitted to the CCI for fresh adjudication of the issues relating to alleged violation" of the relevant sections of the Competition Act.'
Ambuja Cements’ third quarter 2016 net profit falls by 36%
29 October 2015India: Ambuja Cements reported a 36% decline in its standalone net profit at US$23.6m for the third quarter of its 2016 fiscal year, which ended on 30 September 2015, due to an additional depreciation charge, among other factors. Its total standalone income fell by 4% to US$324m during the quarter.
Kochi set to emerge as cement hub with new terminals
28 October 2015India: With one more cement terminal set to commence operations in November 2015 on the port premises and two more in the pipeline, Kochi, Kerala is set to emerge as a major cement hub in south India.
Cochin Port Trust sources said that the number of cement terminals at the port would go up to three with the Zuari Cement terminal set to commence operations in November 2015. This is in addition to the UltraTech and Ambuja cement terminals in operation already. Penna Cement has begun construction works and decks have been cleared for Malabar Cements to begin work on its proposed terminal. All of the terminals, excluding one, would be capable of raising their throughput to 1Mt over the years, according to Port Trust.
These terminals will not only increase income for the financially-troubled Cochin Port Trust, but also generate substantial employment involving evacuation of the cargo out of Kochi to various parts of Kerala. For every 10,000t of cement imported, the Port Trust will earn up to US$230,714/yr in both vessel and cargo related charges.
Figures show that cement throughput at the Kochi port has grown substantially between 2010 - 2011 and 2014 - 2015. Cement throughput was 2.59Mt during 2010 - 2011. It has gone up to 7.03Mt during the 2014 - 2015 financial year. Cement throughput almost doubled from 3.11Mt during 2012 - 2013 to 6.04Mt during 2013 - 2014.
Jammu Department of Legal Metrology raids Ambuja Cement
18 September 2015India: The Jammu Department of Legal Metrology has registered a case against Ambuja Cement and seized a large quantity of cement bags.
The minister for Consumer Affairs and Public Destruction (CAPD), Choudhary Zulfkar Ali, said that the Department of Legal Metrology had received various complaints about the abuse of Ambuja Cement's dominant position by selling cement at different prices across the state of Jammu and Kashmir.
The department said that it could not get a 'satisfactory' response from Ambuja Cement. As a result, a team of officers inspected Ambuja Cement's depot at Kunjwani and booked Ambuja Cement for gross violation of the Legal Metrology Act and Rules. They were also found to be in violation of the Competition Act of 2002 by selling their products deliberately at the predated price to sabotage the local competition. Zulfkar Ali said that, during the inspection, it was found that Ambuja Cement was selling the same batch of Pozolana Portland Cement in different coloured bags marked with different prices for Jammu and Kashmir. The bags were also found to weigh 400 – 600g less than the 50kg label, while mandatory declarations were also not marked as per the provisions of the Packaged Commodity Rules.
A seizure memo has been issued and the cement sales have been stopped until Ambuja Cement provides the reasons for the discrepancies, according to Zulfkar Ali.
Worker electrocuted at Ambuja plant
24 August 2015India: A worker has died after being electrocuted at the Ghanauli cement plant in Uttar Pradesh. Prem Pal, was working on a piece of equipment at the plant owned by Ambuja Cements, according to local police. Following the incident, other workers at the plant staged an immediate strike. They also demanded that US$37,500 be paid to Pal's family by way of compensation and stated their dissatisfaction with company vice president Rajesh Sondhi, who they claim has presided over a period of poor health and safety management at the plant.
In response, company civil engineer Ajay Vashisht said the machine on which Prem Pal had been working was 'not faulty.' He added that it had been sent for examination. It is not clear whether the company has acted or will act on the demands of the strikers.
India: The government has issued a show-cause notice to Ambuja Cement for not adhering to the condition of converting at least 50% of the clinker it produces into cement in Himachal Pradesh at cement plant in Darlaghat, according to The Tribune, Himachal Pradesh.
Principal secretary of industry RD Dhiman has reportedly been asked to submit an 'Action Taken' report about the total loss of revenue on account of the reduced royalties and various taxes to the government.
"It has come to the notice of the government that Ambuja Cement has been converting only 17% of its clinker into cement at its plant at Darlaghat, which has resulted into the loss of revenue to the government," said industry minister Mukesh Agnihotri. He added that the department had been asked to compile a report of the total loss to it on this account.
Ambuja Cement has been asked to explain why it has violated the agreement that it entered into with the government. If the reply given by the company is found to be unsatisfactory, the permit to operate the plant could be withdrawn. As per the agreement signed between the government and Ambuja Cement for the plant, at least 50% of the clinker has to be converted into cement within the state.
India: Ambuja Cements has reported a 45% fall in its standalone net profit to US$35.4m for the first quarter of its 2016 financial year, which ended on 30 June 2015. Its total standalone income fell by 8% year-on-year to US$392m. Ambuja's board has approved the amalgamation of its wholly-owned subsidiary, Dirk India Pvt Ltd, with the company with effect from 1 April 2015. The move is now subject to the approval of shareholders, the High Court and appropriate authorities.
Final public exchange offer results published for LafargeHolcim merger, Bernard Fontana steps down as Holcim CEO
10 July 2015Europe: The Autorité des marchés financiers (AMF) has published the final results of the public exchange offer initiated by Holcim Ltd for the shares of Lafarge SA.
Following the settlement-delivery of the offer expected to occur on 10 July 2015, Holcim Ltd will hold 252,230,673 Lafarge SA shares, representing 87.46% of the share capital and at least 83.94% of the voting rights of Lafarge SA based on the total number of shares outstanding as of 8 July 2015. In accordance with the AMF general regulations, the offer will be re-opened during at least 10 trading days according to a timetable that will be published by the AMF.
Holcim has announced that in connection with the successful public exchange offer and the expected closing of the merger with Lafarge, Bernard Fontana will step down from his position as CEO of Holcim Ltd with the completion of the merger. He will also resign from all mandates in all Holcim Group entities.
"It has been a pleasure and honour to work with remarkable and passionate people throughout the past years at Holcim. I wish the new company LafargeHolcim and the entire team all the very best for the future," said Fontana. The board of directors has thanked Fontana for his leadership and achievements for the group, and in particular for the successful implementation of the Holcim Leadership Journey.
Andreas Leu, currently responsible for the Americas, will also leave Holcim with effect from 1 August 2015. Bernard Terver, currently responsible for Africa and the Middle East as well as South Asia, will assume the position as head of India for LafargeHolcim from the date of the closure of the merger. In this capacity he will continue his mandates in the boards of Ambuja Cements and ACC Limited in India. Holcim's board of directors and the executive committee have thanked Leu for his contributions to the success of the group and wish him all the very best for his future.
India: In an update to news on 16 June 2015, which stated that US$49.8m or 27,420t of Nestlé's Maggi noodles has been recalled in India and are now being used as an alternative fuel at five Indian cement plants, local media has reported that Nestlé has paid Ambuja Cements US$3.14m for the service.