Displaying items by tag: CK Birla

India: JSW Cement has entered the competition to acquire a 38% stake in Orient Cement from the CK Birla Group, against UltraTech Cement and Adani Group. UltraTech Cement is reportedly in advanced discussions with CK Birla, having proposed a share price range of US$4.18 - 4.48, which places the enterprise value at US$872m-931m. The Adani Group has also expressed interest in acquiring Orient Cement, although their negotiations have been hindered by valuation disputes and environmental clearance issues.

India: CK Birla Group has approached Adani Group as a possible buyer for its 38% stake in Orient Cement. Mint News has reported that CK Birla Group has previously rejected offers from other local cement producers for the stake. The group is reportedly seeking ‘double’ its market value of US$466m.

Orient Cement plans to make capital expenditure investments worth US$120m/yr up to the end of the 2025 financial year on 31 March 2023.

India: Both Germany-based HeidelbergCement and Aditya Birla subsidiary UltraTech have responded to the government’s partial lifting of the coronavirus lockdown for rurally-located continuous industries by resuming ‘partial operations in some production facilities.’ Orient Cement subsidiary CK Birla said, “We are in the process of partially resuming our operations at our plants in Karnataka and Maharashtra.” Producers require the permission of the relevant state government to restart plants. In Telangana, where the government has not lifted the lockdown, CK Birla’s facilities remain shut.

The Economic Times newspaper has reported that ‘limited transportation facilities, higher than usual inventory and stricter rules regarding labour safety’ have added a note of caution to resumed operations. Shree Cement managing director Hari Mohan Bangur said, given the continuation of restrictions on construction in cities, “We expect just 10% of normal consumption, with hopes of a gradual increase.”

India: France-based Imerys has announced the acquisition of calcium silicate producer Hysil by its subsidiary Calderys Indian Refractories from CK Birla Group for Euro10.1m. SeeNews has reported that the expansion to Imerys’ Indian operations is aimed at securing lower prices for raw materials for use in high temperature insulation in various industries, especially the cement sector.