Displaying items by tag: ACC

India: Adani Group has reportedly relocated 'significant roles' in ACC and Ambuja Cements to Ahmedabad, Gujarat. ACC and Ambuja Cements' headquarters are situated in Mumbai, Maharashtra, and employ 6000 and 4700 people respectively. The Business Standard newspaper has reported that many people in leadership positions now based in Ahmedabad continue to run teams in Mumbai.

India: Adani Group is rumoured to have entered negotiations to extend the repayment duration of its US$4bn loan for the acquisition of Holcim's Indian business. The group secured the funds in August 2022. The Economic Times newspaper has reported that the group is seeking to extend the duration of its repayments from 18 months to at least five years. It is reportedly also seeking a similar extension for a parallel US$1bn mezzanine loan tranche.

Adani Group described the rumour as 'incorrect.'

India: Adani Group told investors that it repaid a US$500m bridge loan for its acquisition of ACC and Ambuja Cements on 7 March 2023. The deal was completed in September 2022, and payment on the loan was due by 9 March 2023 at the latest. UK-based Barclays and Standard Chartered and Germany-based Deutsche Bank underwrote the loan.

Business Today Online News has reported that Adani Group is seeking to pre-pay its loans in order to allay investor concerns about its debt.

India: Adani Group is planning to build two new cement plants in Andhra Pradesh with a combined production capacity of 10Mt/yr. Karan Adani, the son of the group’s founder Gautam Adani, made the announcement, among a slate of new investments being developed for the state, according to Business Today. At present the group does not have any cement production plants in Andhra Pradesh, although it does operate two ports at Krishnapatnam and Gangavaram respectively. The other projects include renewable power units with a capacity of 15,000MW and data centres.

India: Sika India has appointed Parag Solanki as its Director of Technology. He previously worked as Vice President- R&D at ACC. Before this, Solanki held a variety of research and development roles at Sika. He also worked for UltraTech Cement and Shree Cement. Solanki holds a PhD from Jai Narain Vyas University in Jodhpur as well as a further qualification from the Indian Institute of Management in Kolkata.

India: The state government of Himachal Pradesh has announced the forthcoming reopening of Adani Group's Darlaghat and Gagal cement plants. Reuters has reported that truck drivers' unions agreed to a reduced freight rate offered by Adani Group. The producer shut the plants on 15 December 2022, claiming that it faced prohibitively high operating costs, including high freight charges.

Truck drivers will now receive rates of US$0.12/t/km for despatches in small delivery trucks and US$0.11/t/km for dispatches in articulated trucks. Drivers operating at the Darlaghat cement plant previously earned fees of US$0.13/t/km, while those operating at the Gagal cement plant had earned fees of US$0.14/t/km. Adani Group had reportedly sort to lower rates to US$0.07/t/km. Unions have criticised the newly negotiated rates, pointing out the UltraTech Cement recently raised the wages of drivers at its Baga cement plant in the state to US$0.13/t/km.

India: Adani Group is in talks with lenders to repay a US$500m bridging loan facility it used to buy controlling stakes in ACC and Ambuja Cements in 2022. Adani is looking to repay the loan with cash during February 2023, according to the Economic Times. The loan was underwritten by Barclays, Deutsche Bank and Standard Chartered. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho.

The Economic Times’ report comes a day after the group said its companies face no material refinancing risk or near-term liquidity issues, in its latest attempt to calm investors spooked by Hindenburg Research’s critical report on its business practices.

Singapore: Banking and financial services company DBS Group says it has controlled its exposure to India-based Adani Group. Chief executive officer Piyush Gupta said "They're solid, cash-generating companies, so we're not concerned about the exposure," according to Reuters. He added that the cement industry has ‘”huge potential” in India. The company was part of a group of banks that lent Adani Group US$10.5bn to fund its acquisition of Ambuja Cement and ACC from Holcim in 2022. DBS Group contributed around US$751m. Adani Group has seen its share price fall since US-based short-seller Hindenburg Research accused it of stock manipulation and accounting fraud in late January 2023.

India: The state government of Himachal Pradesh says that it will take 'legal action' against Adani Group should it fail to reopen its Darlaghat and Gagal cement plants. The Times of India newspaper has reported that measures may include cancellation of the cement producer's relevant land leases. Out-of-work truck drivers agreed to cancel a state-wide road blockade in protest against the closures after the government promised a 'resolution' on 4 February 2022. It now plans to hold talks with Adani Group, in which it will relay truck drivers' offer of an 11% reduction in per-kilometre freight rates to US$0.12/t from US$0.14/t.

Himachal Pradesh industries minister Harshwardhan Chauhan said that the state government is empowered to take drastic measures in defence of Himachali people's interests.

Geological Survey of India (GSI) officials are reportedly investigating alleged illegal mining at the sites of the Darlaghat and Gagal cement plants.

India: Police arrested 50 truck drivers and union leaders at protests outside Ambuja Cements’ Darlaghat cement plant in Himachal Pradesh on 1 February 2023. The events marked the 50th day of on-going protests against Adani Group’s closure of the Darlaghat and Gagal cement plant following its acquisition of Ambuja Cements and ACC in September 2022. The Times of India newspaper has reported that cement truck driver’s unions are now threatening to escalate the protests to a ‘chakka jam’ demonstration across Himachal Pradesh. This would involve blocking roads at five planned locations in the state. Union representatives will meet Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on 3 February 2022. Sukhu has repeatedly expressed support for protestors, saying that the state will not tolerate exploitation.

United News of India has reported that protestors on 1 February 2023 voiced criticism of Indian ‘lawlessness’ and of Adani Group and Prime Minister Narendra Modi’s Bharatiya Janata Party’s (BJP) power ‘monopoly’ in the country.