Displaying items by tag: India
India: Petron Engineering Construction has received a Letter of Intent from Ramco Cements for civil and mechanical works to upgrade line 1 at the cement plant and captive power plant at Jayanthipuram, Andhra Pradesh for US$3.36m.
India: The Competition Appellate Tribunal has set aside a US$945m penalty imposed on 11 cement firms by the Competition Commission of India (CCI) on accusations of cartel behaviour and asked the fair trade regulator to resubmit the case. The Tribunal also allowed the cement manufacturers to withdraw the 10% penalty amount already deposited with the CCI, according to the Press Trust of India.
The judgement follows appeals filed by the cement firms and their industry body, the Cement Manufacturers Association, against the two CCI orders passed in June - July 2012. The cement companies included ACC, Ambuja Cements, Binani Cements, Century Textiles Ltd, India Cements, JK Cements, Lafarge India, Madras Cements, Ultratech, JP Associates and Shree Cements.
The CCI had passed the orders after an investigation into complaints, including from Builders Association of India (BAI), against alleged price collaboration between cement firms.
The orders were later challenged at the Competition Appellate Tribunal, which ordered that 'the impugned order is set aside and the matter is remitted to the CCI for fresh adjudication of the issues relating to alleged violation" of the relevant sections of the Competition Act.'
India: UltraTech Cement is reportedly in advanced discussions with Reliance Infrastructure on the sale of its cement units.
Reliance Infrastructure put up its cement units for sale in October 2015 to reduce its US$3.86bn debt. The company earned a revenue of US$56.7m from its 5.5Mt/yr of operational capacity in July - September 2015. Reliance Infrastructure's cement units are expected to fetch an enterprise valuation of US$749 - 824m.
JK Lakshmi Cement commissions 1.7Mt/yr plant in Durg
26 November 2015India: JK Lakshmi Cement has commissioned a 1.7Mt/yr cement plant in Durg, Chhattisgarh at a cost of US$263m.
Shree Cement's net profit jumps by 18%
17 November 2015India: Shree Cement's net profit rose by 18.3% year-on-year to US$19.5m in the quarter that ended on 30 September 2015 and its total income increased by 6.79% to US$265m.
Sagar Cements reports 3% rise in October 2015 production
17 November 2015India: Sagar Cements cement production in October 2015 rose by 3% year-on-year to 96,247t and its cement sales rose by 7% to 99,918t.
The Ramco Cements’ profit surges 55% on cost control
09 November 2015India: The Ramco Cements has reported a 55% jump in net profit for the second quarter of its 2016 fiscal year on the strength of performance efficiency and cost control.
The company has reported a net profit of US$20.9m, up from a US$13.5m profit in the same period of its 2015 fiscal year. Its total revenue fell to US$135m from US$144m in the same quarter of its 2015 fiscal year. Cement sales during the quarter fell to 1.71Mt from 1.94Mt.
CEO of The Ramco Cements AV Dharmakrishnan said that the investments in company infrastructure to strengthen its systems and processes, focus on cost control and debt reduction have contributed to the jump in net profit. These benefits will continue to accrue in the coming quarters.
JK Lakshmi Cement posts US$2.27m net loss for the second quarter of its 2016 fiscal year
06 November 2015India: JK Lakshmi Cement has posted a standalone net loss of US$2.27m for the second quarter of its 2016 fiscal year, which ended on 30 September 2015, down from US$4.66m in the same period of its 2015 fiscal year, due to an additional burden of interest and depreciation cost on commissioning of the new Durg cement plant. Its standalone income rose by 13% year-on-year to US$98.2m during the quarter. The company said that its sales volume and prices were both impacted by subdued market conditions.
Prism Cement acquires 50% stake in Coral Gold Tiles
06 November 2015India: Prism Cement has acquired a 50% stake in Coral Gold Tiles Pvt Ltd. It did not disclose the value of the deal. The acquisition will increase Prism Cement's tile business capacity to 58Mm2/yr from 54.5Mm2/yr.
JSW plans US$610m investment to expand port and cement capacity
06 November 2015India: JSW plans to invest US$610m to boost its port and cement capacity in the next two years. It plans to almost double its ability to handle cargo at its ports to 62Mt/yr, with a target to further increase it to 200Mt/yr by 2025, according to group CFO Seshagiri Rao. Cement capacity is estimated to increase to 17Mt/yr in the next 24 months from 6Mt/yr at present.
"Ports appear to be a very attractive investment as ports and inland waters have not at all been leveraged in India," said Rao to Bloomberg. "We feel that in each of the core infrastructure sectors there is a huge amount of change happening." Rao said that the group will build its own cement plants instead of acquiring an existing business.