Displaying items by tag: Adani Group

India: Adani Cement has announced the launch of a dedicated waste processing subsidiary called Geoclean. Geoclean will process waste for recycling and use as alternative fuel (AF) in its cement production and alternative raw materials in its production of other building materials. Geoclean inherits the projects and all 14 waste management plants of its predecessor company Geocycle India. The Orissa Diary newspaper has reported that Geoclean aims to help Adani Cement to co-process 3.7Mt of AF over the five-year period up to the end of 2027. This would raise its subsidiaries ACC and Ambuja Cements’ AF substitution rate to 30%, from 6% in 2021.

Adani Cement CEO Ajay Kapur said "We are committed to building a sustainable future by adopting clean and green technologies in our overall business. We have always believed in environmental conservation, and are committed to making the optimum contribution towards co-processing waste responsibly for a sustainable future. Adani Cement will continue its endeavours to promote sustainability and build a cleaner and greener planet."

India: Jaypee Power Ventures' board of directors met on 12 December 2022 to discuss the possible sale of the company's Nigrie grinding plant in Madhya Pradesh. Press Trust of India News has reported that parent company Jaiprakash Jaypee Group's audit committee recommended the sale under proposed measures to reduce the group's debt. The producer had been in talks with Adani Group about the possible sale of its cement business, along with other non-core assets, for US$606m in October 2022.

Jaypee Power Ventures operates 4Mt/yr-worth of cement capacity, 40% of Jaypee Group's total 10Mt/yr.

India: ACC has appointed Ajay Kapur as its chief executive officer (CEO). He succeeds Sridhar Balakrishna in the post. Kapur is already the CEO of ACC’s parent company Ambuja Cement. His appointment as CEO and an independent director at ACC is intended to enable the two companies to work together better and improve synergies.

Ajay Kapur holds over 25 years of experience in the cement and construction, power and heavy metals sector. He joined Ambuja Cement in 1993 as an executive assistant to the then managing director (MD). He held various strategic positions over the past two decades, and from 2014 to 2019, he served as the CEO and managing director of the company. Prior to joining Adani Group in June 2022, Kapur was CEO - Aluminium and Power and MD - Commercial at Vedanta. Most recently he served as CEO of Special Projects at Adani Ports and Special Economic Zone. Kapur is an economics graduate from St Xavier's University in Mumbai and holds a Master’s of Business Administration (MBA) from the KJ Somaiya Institute of Management. He has also attended the Advanced Management Programme at the Wharton School of the University of Pennsylvania.

India: Adani Group is negotiating with several international banks to extend and refinance loans worth US$3.5bn that it used to buy Ambuja Cement and ACC. The Business Standard newspaper reports that the company hopes to extend the bridging loans it originally secured to a tenure of five years. Adani Group purchased the former subsidiaries of Switzerland-based Holcim for around US$6.5bn in September 2022. It later said it planned to invest a further US$2.5bn into its new cement business to double its production capacity.

India: Adani Group plans to invest US$12.1bn across the various sectors in which it operates in the state of Karnataka before 2030. Press Trust of India News has reported that the company has confirmed that expansions to its cement operations will be included under the investment package.

Adani Group's four cement facilities in Karnataka share a cement production capacity of 7Mt/yr.

India: Adani Group's flagship company, Adani Enterprises, has clarified that it is 'not evaluating' the possibility of acquiring Jaypee Group's cement business. Bloomberg has previously reported that Adani Enterprises was in 'advanced talks' to acquire the 10Mt/yr-capacity business for US$606m.

India: Adani Group and Jaiprakash Associates are reportedly in 'advanced talks' over the latter becoming Adani Group's latest cement sector acquisition at a price of US$606m. Reuters News has reported that Jaiprakash Associates' board of directors approved the sale of the company on 10 October 2022. Adani Group plans to buy the business via one of its newly acquired cement subsidiaries.

Adani Group is also planning a US$7.9bn investment package in a Rajasthan cement plant expansion, solar power plant project and airport upgrade. The solar power plant has a planned capacity of 10GW. Adani Group owns the 1.8Mt/yr Rabriyawas cement plant and the 5Mt/yr Lakheri cement plant in Rajasthan. The group plans to raise US$10bn to fund its growth plans. Potential investors in 'early talks' with the group include Singaporean sovereign wealth fund Temasek Holdings.

Adani Group completed its acquisition of ACC and Ambuja Cements for US$10.5bn in September 2022.

India: Adani Group subsidiary Adani Port has sued the government of Kerala for US$9.56m in compensation for on-going delays to the construction of the upcoming Vizhinjam port in the south of the state. A local church-led protest over the rights of fishing communities has stalled construction of the port. The New India Express newspaper has reported that Adani Port had lost over US$12m on 8 October 2022 as a result of the delay. The company rented 12 barges for the work.

The government will hold talks with protestors on 13 October 2022.

India: Ambuja Cements says that it has created a non-disposable undertaking (NDU) on more than half of its 50% stake in fellow Adani Group subsidiary ACC. The Telegraph newspaper has reported that the producer intends to use the NDU as collateral for its loans.

India: Adani Group plans to invest US$100bn in capital expenditure across all of its operations between 2022 and 2032. Mint News has reported that the conglomerate will establish 45GW-worth of new hybrid renewable power plants under the plans. It will also build three new green hydrogen plants, with a combined capacity of 3Mt/yr. It plans to support the latter move with an investment of US$70bn in the establishment of an integrated hydrogen-based value chain.