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Displaying items by tag: India
Mohit Kapoor appointed as head of Bamburi Cement
29 March 2023Kenya: Bamburi Cement has appointed Mohit Kapoor as its Group Chief Executive Officer (CEO), with effect from 1 April 2023. He succeeds Seddiq Hassani, who has held the position since 2018.
Kapoor is an electrical engineer who has also worked in marketing and supply chain management. He previously held the post of the CEO of Holcim Qatar. Prior to this he worked as the Head of Growth and Innovation at Holcim India, the Managing Director of Readymix Projects, the Vice President of Logistics and Supply Chain at Lafarge India and the Senior Project Manager for Lafarge Group Audit.
Ramco Cements raises US$60.9m through bonds sale
29 March 2023India: Ramco Cements has accepted bids worth US$60.9m for bonds maturing in four years, in four years and six months and in five years. Reuters has reported that the two shorter maturity bonds are each worth US$18.2m, while the five-year maturity bond is worth US$24.3m.
Malabar Cements launches new dry mix
29 March 2023India: Malabar cement has announced the launch of a new dry mix for plastering buildings. The Hindu newspaper has reported that the mix consists of dried sand and cement. It is available in 40kg bags.
India: Ambuja Cements' parent company Adani Group says that the cement producer aims to more than double its sales to US$8.5bn in 2028. Ambuja Cements currently expects to record sales of US$3.61bn in 2023. It is targeting an earnings before interest, taxation, depreciation and amortisation (EBITDA) margin of 25% in 2028. Its EBITDA margin averaged 19% in the period from 2020 to 2022.
Dow Jones Institutional News has reported that Ambuja Cements' internal accruals are sufficient to fund US$5.58bn in capital expenditure (CAPEX) over the same period, according to the company. It says that it plans to double its capacity through CAPEX investments before 2028.
Indian cement sector to grow to 715 - 725Mt/yr in 2027
20 March 2023India: Credit rating agency Crisil expects the Indian cement sector's capacity to expand at a compound annual growth rate (CAGR) of 4 - 5% over the four-year period up to the end of the 2027 financial year on 31 March 2027. It would thus begin the 2028 financial year at 715 - 725Mt/yr in installed capacity, compared to 570Mt/yr at the end of the 2023 financial year. The industry's total investment in the expansion is expected to be US$14.5bn. Major multi-state producers are expected to contribute over US$7.25bn (50%) of investments towards the total sum.
Over the same period, Crisil expects all-India cement demand to rise at a CAGR of 6 - 7%.
India: Dalmia Cement has awarded a contract for the supply of fly ash and other industrial waste to Vedanta Aluminium. Under the deal, Vedanta Aluminium will supply fly ash for use at Dalmia Cement’s cement plants across Odisha, Chhattisgarh, Meghalaya and Assam. It will deliver spent pot linings to the producer’s Rajgangpur cement plant in Odisha. The fly ash contract will remain in effect until 2028 and the pot lining contract until 2026.
Vedanta chief executive officer Sunil Gupta said “Strategic collaborations such as this will provide multiple benefits in terms of enhanced quality, sustainability and cost benefits to cement manufacturing, while helping us in gainful waste management. Our waste-to-wealth initiatives are designed to develop thriving value-chains for converting our by-products into resources for complementary industries.”
Adani Cement wins four safety awards
14 March 2023India: Adani Cement has won four awards at the Occupational Health, Safety and Sustainability Association of India (OHSSAI) Awards 2023. The producer won two manufacturing sector awards - the OHSSAAI Safety Silver Award and the OHSSAI Road Safety Gold Award - and two individual awards. The individual awards went to Ambuja Cements' chief operating officer Sukuru Ramarao, who won the Health, Safety and Environment (HSE) Leadership Award, and Ambuja Cements' head of safety, manufacturing and logistics Pankaj Singh, who won the HSE Mentor of the Year Award for his contributions to road safety.
Adani Cement CEO Ajay Kapur said "We are proud to be recognised by OHSSAI for our safety achievements. Safety is an integral part of our overall business strategy, and we are committed to continually improving our safety performance and achieving excellence in all areas of our operations. Safety is everyone's responsibility, and we are committed to maintaining a safe and healthy workplace for our employees."
India: Adani Group told investors that it repaid a US$500m bridge loan for its acquisition of ACC and Ambuja Cements on 7 March 2023. The deal was completed in September 2022, and payment on the loan was due by 9 March 2023 at the latest. UK-based Barclays and Standard Chartered and Germany-based Deutsche Bank underwrote the loan.
Business Today Online News has reported that Adani Group is seeking to pre-pay its loans in order to allay investor concerns about its debt.
Indian industry only 8% female
09 March 2023India: India's 'core industries,' including cement, steel and fossil fuels, employ just 8% women across the total workforce. The Free Press Journal has reported that gender equality body UN Women found the proportion of women to be as low as 3.9% at UltraTech Cement. JSW Cement owner JSW Group employs 5.3% women. Meanwhile, Holcim, which left the Indian market in September 2022, operates with a 13% female global workforce.
Cement companies joined in celebrations of International Women's Day on 8 March 2023.
Adani Group to build two cement plants in Andhra Pradesh
03 March 2023India: Adani Group is planning to build two new cement plants in Andhra Pradesh with a combined production capacity of 10Mt/yr. Karan Adani, the son of the group’s founder Gautam Adani, made the announcement, among a slate of new investments being developed for the state, according to Business Today. At present the group does not have any cement production plants in Andhra Pradesh, although it does operate two ports at Krishnapatnam and Gangavaram respectively. The other projects include renewable power units with a capacity of 15,000MW and data centres.