Displaying items by tag: India

India: UltraTech Cement has raised around US$137m through unsecured redeemable non-convertible debentures (NCD). It has allotted 10,000 NCDs, each worth US$13,700, by private placement. The NCDs will reach maturity on 29 December 2023.

India: Dalmia Cement (Bharat), plans to spend around US$50m on a 2.3Mt/yr upgrade to its Bengal Cement Works plant in West Midnapore. The project will increase the unit’s production capacity to 4Mt/yr. The company says that it will make the cement plant the biggest in the state of West Bengal. It intends to take advantage of expected growth in cement demand, following the coronavirus-related slowdown, due to affordable housing schemes, real estate and infrastructure projects.

“We have deployed the latest machinery and technology for this addition and will be producing only 100% blended cement so as to ensure reduced carbon footprint as part of our commitment to become carbon negative by 2040,” said Ujjwal Batria, chief operating officer (COO) of Dalmia Cement (Bharat).

India: The board of directors of NCL Industries has approved plans for the establishment of two ready-mix plants at a cost of around US$0.8m. The plants will be located in Hyderabad, Telangana and Visakhapatnam, Andhra Pradesh. Both projects are scheduled for completion in early 2021. The units will be financed by bank loan.

India: Jagatpur police have raided a counterfeit cement bagging facility in Jagatpur Industrial Estate, Cuttack. Odisha TV News has reported that the operation is suspected of using marble dust, small amounts of white cement and artificial colouring in the fake product. Large amounts of empty packaging from several different cement brands were recovered in the raid. The police made one arrest and seized a vehicle.

India: France-based Fives says that Ramco Cements has ordered a second FCB TSV 5500 BF type classifier for raw material mixing at a plant in Tamil Nadu. The order follows the commissioning of a similar classifier from Fives at the same site. The upgrade is part of an overhaul of the unit’s grinding equipment. No price for the order or commissioning date has been disclosed.

India: The Ministry of Finance Central Board of Direct Taxes (CBDT) says that its Income Tax department has detected US$95m-worth of tax evasion by Chettinad Cement and Anjani Portland Cement owner Chettinad Group. The Deccan Herald newspaper has reported that following raids on its offices the tax department found evidence of inflated expenditure, unaccounted receipts and complex financial arrangements including bogus liabilities in order to reduce capital gains. The investigation continues.

India: The Hynniewtrep National Liberation Council (HNLC) has claimed responsibility for an improvised explosive device (IED) blast which injured one person and damaged a wall and water pipes at Star Cement’s cement plant in the East Jaintia Hills district of Meghalaya. The Press Trust of India has reported that the attack resulted from the producer’s failure to pay protection money as a non-locally-owned business.

India: Tax authorities have raided 10 offices of Chettinad Cement and its subsidiaries in Telangana and Andhra Pradesh. The Times of India newspaper has reported that the officers are investigating allegations of tax evasion.

India: Larsen & Toubro has secured 90 contracts for the supply of Komatsu mining equipment to industrial companies, including various cement producers. The company says that the contracts include 66 orders for Komatsu dump trucks, 15 Komatsu wheel loaders and seven units of Komatsu hydraulic excavators.

Managing director and chief executive officer (CEO) Sekharipuram Narayanan Subrahmanyan said, “We are delighted to receive these orders from our valuable customers, across various sectors, which is a strong indication of the revival taking place in the mining industry, driven by the progressive and supportive policies of the government of India.”

India: The Competition Commission of India (CCI) has raided the offices of LafargeHolcim subsidiaries ACC and Ambuja Cement and Aditya Birla subsidiary UltraTech Cement as part of an investigation into alleged anti-competitive behaviour, according to the Press Trust of India. ACC said it, "is of the firm view that it has acted and continues to act in compliance with competition laws and we are fully cooperating with the investigation and providing all necessary information to the authorities."