Displaying items by tag: India
Ambuja Cements launches Ambuja Plus in Gujarat
17 September 2014India: Ambuja Cements Ltd, a Holcim subsidiary company, has launched Ambuja Plus, a cement product, in the State of Gujarat. The product is created with an 'advanced' formula and offers 20% more strength than ordinary cement. Ambuja Plus is aimed primarily at small consumers and individual house builders.
Reliance Mutual Fund buys 3.26 million shares in Sanghi Industries
17 September 2014India: Reliance Mutual Fund has bought 3.26 million shares in Sanghi Industries for US$0.732/share via a bulk deal. Prior to the deal, Reliance Mutual Fund owned 71% of the shares, while institutions and non-institutions held 3.50% and 25.5% respectively.
Sagar Cements plans to acquire BMM Ispat cement business
12 September 2014India: Sagar Cements is reportedly planning to acquire cement business of Bangalore-based BMM Ispat Group. The deal is expected to be closed within two weeks with an approximate value of US$82.2m.
Bhavya Cements wins approval for 3Mt/yr cement grinding plant in Odisha
12 September 2014India: Bhavya Cements has received approval from the State Level Single Window Clearance Authority (SLSWCA) for the construction of a 3Mt/yr capacity cement grinding plant in Dhenkanal, Odisha, with a capital investment of US$60m. Separately, Shree Cement also plans to set up a 3Mt/yr capacity cement plant in the same location for US$74.4m.
India: Spectrum Meghalaya Cement Company is planning a 2Mt/yr limestone mining project in West Kameng District, Arunachal Pradesh. The limestone will be used for its cement plant, which is being constructed adjacent to the mine. The project is waiting for its mining lease and mining work is expected to commence in 2015.
Sagar Cements completes sale of its investment in Vicat Sagar Cement
08 September 2014India: Sagar Cements has completed the sale of its 47% stake in its joint venture company, Vicat Sagar Cement. Sagar had earlier obtained approval from the shareholders through postal ballot for the sale. Sagar and Vicat entered into the joint venture in June 2008 with the objective of setting up a 5.5Mt/yr cement plant in Gulbarga, Karnataka. The first phase of the plant, which was to reach a production capacity of 2.75Mt/yr, was completed in December 2012. Production commenced in January 2013.
UltraTech completes acquisition of cement units of Jaypee Cement
03 September 2014India: UltraTech Cement has completed the acquisition of cement plants of Jaypee Cement Corporation (JCCL) in Gujarat State. UltraTech informed the Bombay Stock Exchange that the acquisition process had been completed and became effective from 12 June 2014.
In September 2013 UltraTech acquired the cement unit of JCCL, which comprised an integrated cement plant at Sewagram and a grinding plant at Wanakbori, for US$627m. Post-acquisition, UltraTech's total capacity in India stands at 58.8Mt/yr. Including overseas capacity it is 62Mt/yr.
Ramco Cement to set up new plant in Andhra Pradesh
28 August 2014India: Ramco Cement has announced that it intends to construct a cement factory at Kilimigundla in Kurnool District, Andhra Pradesh at a cost of US$250m. The total investment in the cement plant and related infrastructure could go up to US$500m, as the development will require a 20km rail line to facilitate transport.
Ramco has requested that the State Chief Minister provide necessary land to develop the plant and also facilitate necessary clearances to develop the rail line, which Ramco claims would also be useful for other projects in the area.
Meanwhile, Ramco has indicated that its new plant near Visakhapatnam will also be ready for commissioning by 15 October 2014.
Shree Cement to acquire Jaiprakash grinding unit
27 August 2014India: Shree Cement has received the approval to acquire a 1.5Mt/yr cement grinding unit in Panipat, Haryana, which is currently owned by Jaiprakash Associates. The unit will reportedly be sold for US$59.6m.
The deal is subject to adjustments for any financial indebtedness and net working capital taken over as of the closing date and subject to satisfactory completion of due diligence and obtaining necessary approvals and consents.
Dalmia Bharat and OCL India in merger talks
27 August 2014India: Dalmia Group is looking at a merger of its listed cement companies Dalmia Bharat and OCL India, according to industry sources. As part of the restructuring plan, Dalmia Bharat will also merge its unlisted arm, Dalmia Bharat Enterprises, with itself. Global private equity firm KKR owns a 14.5% stake in Dalmia. Bharat Enterprises will eventually own a minority stake in the merged listed entity.
Dalmia Bharat and OCL India have revived plans of the merger after a failed attempt in 2008. Dalmia Bharat owns 48% stake in OCL India and both companies together have a cement capacity of close to 20Mt/yr. The new entity would be the fourth largest cement producer in the Indian cement industry.