India: UltraTech Cement has bought a 29.8 hectare parcel of land in Andhra Pradesh’s Vizianagaram District from The India Cements. The Times of India newspaper has reported the value of the sale as US$8.44m. The India Cements’ vice chair and managing director Narayanaswami Srinivasan said that the company is looking for ways to monetise its assets amid on-going liquidity issues.
The India Cements’ sales of cement and clinker fell by 4.3% quarter-on-quarter to 2.66Mt in the three months to 30 June 2023 from 2.78Mt in the three months to 31 April 2023. It noted high fossil fuel prices and local overcapacity in the South Indian cement sector.