Displaying items by tag: Haryana
Indian ministry considers exemption for cement plants from petcoke and furnace oil ban
05 December 2017India: The Ministry of Environment and Forest (MEF) is considering exempting cement plants and power companies from a ban on using petcoke and furnace oil for industrial use in Haryana, Rajasthan and Uttar Pradesh. Additional solicitor general A Nadkarni informed the Supreme Court that the use of petcoke in the cement industry was ‘minuscule,’ for non-fuel purposes and that it is used for de-sulphuring, according to the Hindustan Times. However, the exemption, if granted, will only be allowed for one year to allow cement companies to switch to alternative fuels.
The Central Pollution Control Board and the MEF issued the ban following a directive from the Supreme Court in late October 2017 prohibiting industries in the three neighbouring states of Delhi from using the polluting fuels. Use of petcoke and furnace oil is already banned in the capital region. The ban was imposed following high pollution levels in Delhi.
Birla Corporation net profit drops sharply in first half
13 November 2017India: Birla Corporation’s net profit has fallen by 72% year-on-year to US$6.8m in the first half of its financial year to the end of September 2017 from US$24.4m in the same period in 2016. However, its sales revenue grew steeply by 37% to US$444m from US$325m. Sales volumes grew by 39% to 5.9Mt from 4.3Mt.
The cement producer said that despite ‘challenging’ markets it had increased its sales volumes and benefitted from synergies following its acquisition of Reliance Cement in mid-2016. It added that demand and prices were ‘seriously’ impacted in central India by a prolonged shortage of sand and aggregates, especially in Uttar Pradesh, which constitutes around 35% of the company’s sales. Prices were also down in the northern states of Rajasthan, Haryana and the National Capital Region due to poor demand.
India: The Competition Commission of India (CCI) has found seven cement companies guilty of bid rigging and cartelisation and imposed a total fine of nearly US$30m on them. The accused companies are Shree Cement, UltraTech Cement, Jaiprakash Associates, JK Cement, Ambuja Cements, ACC and JK Lakshmi Cement, according to the Times of India. The fines are based on 0.3% of each company’s average turnover for three financial years. Each company has also been ordered to cease and desist such behaviour.
The ruling relates to a tender floated by a Haryana state procurement agency in 2012 that the CCI started investigating in 2014. Evidence cited in the CCI’s order includes text messages and phone calls made between officials of the companies.
UltraTech Cement and Shree Cement have issued statements saying that they will appeal against the fine.