Displaying items by tag: ACC
ACC raises sales in fourth quarter of 2024
26 April 2024India: Adani Group subsidiary ACC raised its sales by 13% year-on-year to US$649m in the fourth quarter of the 2024 financial year, Mint News has reported. The company’s operating earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 78% to US$100m, leading its profit to rise by a factor of three to US$89.8m. ACC sold 10.4Mt of cement, up by 22% year-on-year from 8.5Mt, and 660,000m3 of ready-mix concrete, down by 7% from 710,000m3. For the full 2024 financial year, the company produced 36.9Mt of cement and 2.68Mm3 of ready-mix concrete. Its sales were US$2.4bn, its earnings US$368m and its profit US$280m. This was the first full-year financial report for a year ending on 31 March, following ACC’s transition from reporting years ending on 31 December as part of Germany-based HeidelbergCement (now Heidelberg Materials).
CEO Ajay Kapur said “The trust of our customers and our commitment to building a sustainable future with investment in efficiency improvements, green power etc. has furthered our success as we emerge even stronger than before.”
Adani Group further raises Ambuja Cements stake to 70%
22 April 2024India: Adani Group has enlarged its stake in Ambuja Cements from 67% to 70%. The Telegraph newspaper has reported that the group converted warrants into shares in the producer. As a result, it will invest an additional US$1bn in funding for Ambuja Cements, having previously infused funding worth US$2.4bn.
Ambuja Cements director and CEO Ajay Kapur said “This infusion of funds provides Ambuja flexibility for fast-track growth, capital management initiatives and best-in-class balance sheet strength.”
India: Adani Group subsidiaries ACC and Ambuja Cement have both appointed Manish Mistry as company secretary. He succeeds Hitesh L Marthak in both posts, who is taking another job in the group.
Mistry has over 18 years of experience in corporate laws compliance, secretarial and legal roles. Before joining Adani Group in 2022, he worked for Bell Ceramics, Alembic Group, Cadila Group and GACL. He is a Fellow Member of the Institute of Company Secretaries of India in New Delhi, a graduate in commerce and law from the M S University of Vadodara and is a qualified Cost & Management Accountant (CMA).
ACC and Ambuja Cements' Geoclean launch new facilities
20 March 2024India: ACC and Ambuja Cements' Geoclean has launched two new facilities for sustainable waste management. The Ambuja Marwar pre-processing and co-processing facility in Rajasthan can convert 220,000t/yr of refuse into alternative fuel, while the ACC Jamul co-processing facility will process an additional 120,000t/yr.
The Ambuja Marwar facility, in collaboration with the Ambuja Marwar Farmer Producer Organisation, aims to source 50,000t/yr of agricultural waste from local farmers. This initiative will also increase the plant's thermal substitution rate to 15%. Similarly, the ACC Jamul facility will enhance its thermal substitution rate to 10%, reducing CO₂ emissions through the co-processing of waste in the cement kiln.
India: Sanghi Industries has received shareholder approval to supply its cement and clinker to ACC and Ambuja Cements. Additionally, Sanghi Industries will begin to purchase of coal from fellow Adani Group subsidiary Adani Enterprises, according to the Economic Times newspaper. Under the new arrangements, ACC and Ambuja Cements will sell Sanghi Industries’ cement and clinker under their own brands, at a price 10% above production cost. This is reportedly below industry pricing standards for comparable deals of 25 - 30% higher pricing over costs.
Adani Group subsidiary Ambuja Cements acquired a 57% stake in Sanghi Industries on 5 December 2023.
Neeraj Akhoury appointed as the chair of the National Council for Cement and Building Materials
31 January 2024India: The National Council for Cement and Building Materials (NCCBM) has appointed Neeraj Akhoury as its chair following a meeting of the board of governors. Akhoury is also the president of the Cement Manufacturers’ Association and the managing director Shree Cement, according to the Press Trust of India. He holds over 30 years experience in the cement and steel sectors with positions held at Tata Steel, Lafarge India, LafargeHolcim, ACC, Ambuja Cements and Shree Cement in countries including India, France, Nigeria and Bangladesh.
The NCCBM is a research and development organisation under the administrative control of the Department for Promotion of Industry and Internal Trade that is in turn run by the Ministry of Commerce & Industry.
India: ACC grew its sales to US$1.75bn in the first nine months of the 2024 financial year, up by 12% year-on-year. Its net income multiplied by a factor of five, to US$167m.
Mint News has reported that whole time director and CEO Ajay Kapur said "ACC’s financial performance has seen a complete turnaround in the last 12 months. Recent capacity additions have taken the Adani Group’s cement capacity to 77.4Mt/yr. This will enable volumes and revenues growth on a sustainable basis." Looking to the full 2024 financial year and beyond, Kapur added “Purchases of low-cost petcoke will help to further optimise fuel costs in the coming quarters."
Adani Group to establish cement plant in Santhal Pargana
22 January 2024India: Adani Group has announced plans to build a new cement plant, possibly at Godda, in Jharkhand’s Santhal Pargana Division. The Times of India newspaper has reported that producer recently established a 1.6GW power plant in Godda.
The group said “In keeping with our group’s expansion plans, we are conducting a feasibility study to set up a cement factory, most probably in Godda. A proposal will be sent to government soon. The proposed plant will further boost the economy of Godda and Santhal Pargana. The proposed plant will utilise fly ash from our existing power plant here as raw material. At present, the fly ash is being sent to the ACC cement plants in Jhikpani and Sindri.”
ACC acquires Asian Concrete and Cements
08 January 2024India: Adani Group subsidiary ACC has completed its acquisition of the outstanding 55% stake in Asian Concrete and Cements for US$93.2m. The Economic Times newspaper has reported that ACC expects the acquisition to strengthen its market position in North India.
Asian Concrete and Cements owns the 1.3Mt/yr Nalagarh cement plant in Himachal Pradesh and the 1.5Mt/yr Rajpura cement plant in Punjab. The assets raise the installed capacity of ACC to 38.6Mt/yr and that of Adani Group to 77.4Mt/yr. It plans to reach 106Mt/yr in the 2026 financial year, and 140Mt/yr in the 2028 financial year.
India: Adani Group has committed to investing US$100bn in the decade to the end of 2033 towards transitioning its operations to net zero CO2 emissions by 2050. The scope of investments will include the group’s cement business in addition to logistics and power generation. The group has also set a target for five of its subsidiaries, including ACC and Ambuja Cements, to become net zero by 2050 or earlier. Adani Enterprises currently plans to build a 10GW/yr-capacity solar panel plant, a 10GW/yr-capacity wind turbine plant and a 5GW/yr-capacity hydrogen electrolysers plant.
Adani Group said "The roadmap to the net zero transition will require green hydrogen solutions in its last mile. To make green hydrogen adoption feasible, Adani's track record in large-scale renewables and fully integrated manufacturing with end-to-end engineering, procurement and construction capability — all in one single location — uniquely positions it to secure lower costs."