Displaying items by tag: Gulf

Colombia: The Colombian Navy seized 3.5t of cement during a maritime control operation in the Gulf of Urabá. The shipment, valued at US$2347, was reportedly being transported without proper documentation and aboard a vessel that did not meet maritime authority standards.

Three Colombian nationals transported the cement, and did not comply with regulations on controlled chemical substances. The Urabá Coast Guard Station inspected the unregistered, unmarked vessel, which also lacked a navigation certificate, registration or any visible identification on the hull. Authorities determined the quantity of cement aboard exceeded the legal transport limit, and the vessel was impounded. The vessel, cargo and crew were handed over to the relevant authorities.

India: Adani Group and JSW Group have submitted their non-binding bids to Holcim for acquisition of its subsidiary Ambuja Cements. The Business Standard newspaper has reported that Aditya Birla subsidiary UltraTech is also preparing a bid. A deal with UltraTech Cement would delay closure due to the Competition Commission of India approval process it entails. Holcim previously indicated that it would like to conclude the deal early.

Adani Group would finance any acquisition with a combination of its own cash and that from Gulf-based sovereign funds, while JSW Group would engage private equity.