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.

India: Orient Cement, part of CK Birla Group, has joined the Cement Sustainability Initiative (CSI). The CSI is a voluntary chief executive officer led business initiative operating under the umbrella of World Business Council for Sustainable Development (WBCSD) and a global effort by major cement producers towards sustainable development. Orient Cement expects membership of this initiative to give it impetus in its efforts to create a safe and ecologically favourable environment where it operates.

“We are delighted to be a part of the global mission to make our industry shoulder the responsibility for global sustainability. We thank the WBCSD and the CSI for partnering with us in our journey. We expect to contribute to and benefit from our participation in the various working groups of this initiative and look forward to a very engaging and fulfilling journey ahead,” said Deepak Khetrapal, the managing director and chief executive officer of Orient Cement.

India: CK Birla's Orient Cement has reported a 35.4% year-on-year decline in its net profit to US$4.32m for the quarter that ended on 30 September 2015 due to lower income and higher expenses and finance costs.

Orient Cement's net sales fell to US$54.7m in the quarter compared to US$59.2m in the same quarter of its previous fiscal year. The company's total expenditure rose to US$51m from US$49m in the same period of 2014.

As part of the growth plan to reach 15Mt/yr capacity by 2020, Orient Cement is setting up a 3Mt/yr capacity plant in Chittapur, Gulbarga for US$308m.