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Displaying items by tag: India
Dalmia Cement (Bharat) to acquire Jaypee Group assets
13 December 2022India: Dalmia Cement (Bharat) has concluded a contract for the acquisition of cement and other assets from Jaypee Group for US$684m. Mint News has reported that the deal will bring Dalmia Cement (Bharat) into control of an additional 9.4Mt/yr of cement production capacity, including 6.7Mt/yr of clinker production capacity, as well as 280MW-worth of fossil fuel-fired power capacity. All cement and grinding plants included under the deal belonged to Jaypee Group subsidiaries Jaiprakash Associates and Jaiprakash Power Ventures and are situated in Chhattisgarh, Madhya Pradesh and Uttar Pradesh.
Adani Cement launches Geoclean
13 December 2022India: Adani Cement has announced the launch of a dedicated waste processing subsidiary called Geoclean. Geoclean will process waste for recycling and use as alternative fuel (AF) in its cement production and alternative raw materials in its production of other building materials. Geoclean inherits the projects and all 14 waste management plants of its predecessor company Geocycle India. The Orissa Diary newspaper has reported that Geoclean aims to help Adani Cement to co-process 3.7Mt of AF over the five-year period up to the end of 2027. This would raise its subsidiaries ACC and Ambuja Cements’ AF substitution rate to 30%, from 6% in 2021.
Adani Cement CEO Ajay Kapur said "We are committed to building a sustainable future by adopting clean and green technologies in our overall business. We have always believed in environmental conservation, and are committed to making the optimum contribution towards co-processing waste responsibly for a sustainable future. Adani Cement will continue its endeavours to promote sustainability and build a cleaner and greener planet."
Ajay Kapur appointed as head of ACC
07 December 2022India: ACC has appointed Ajay Kapur as its chief executive officer (CEO). He succeeds Sridhar Balakrishna in the post. Kapur is already the CEO of ACC’s parent company Ambuja Cement. His appointment as CEO and an independent director at ACC is intended to enable the two companies to work together better and improve synergies.
Ajay Kapur holds over 25 years of experience in the cement and construction, power and heavy metals sector. He joined Ambuja Cement in 1993 as an executive assistant to the then managing director (MD). He held various strategic positions over the past two decades, and from 2014 to 2019, he served as the CEO and managing director of the company. Prior to joining Adani Group in June 2022, Kapur was CEO - Aluminium and Power and MD - Commercial at Vedanta. Most recently he served as CEO of Special Projects at Adani Ports and Special Economic Zone. Kapur is an economics graduate from St Xavier's University in Mumbai and holds a Master’s of Business Administration (MBA) from the KJ Somaiya Institute of Management. He has also attended the Advanced Management Programme at the Wharton School of the University of Pennsylvania.
UltraTech Cement to raise funds through commercial papers sale
07 December 2022India: UltraTech Cement plans to raise funds from the sale of commercial papers over a three-month period from 6 December 2022. Reuters News has reported that the producer has already received buyers' commitments worth US$60.6m. The group will offer a yield of 6.8% on the issue.
Sanghi Industries secures financing from Kotak Investment Advisors
06 December 2022India: Sanghi Industries has borrowed US$60.6m from Kotak Investment Advisors. The cement producer secured the funds in the form of non-convertible debentures (NCDs).
Sanghi Industries produces its Sanghi Cement brand cement in Gujarat.
Siam Cement Big Bloc Construction Technologies to build new concrete panel and block plant
06 December 2022India: Siam Cement Big Bloc Construction Technologies has bought 60,000m3 of land at Ramosadi in Gujarat's Kheda District. The concrete producer informed the BSE Exchange that it plans to build an autoclaved aerated concrete (AAC) panel and block plant at the site.
India: Ecologists have established a connection between the activities of cement plants in Khrew, Kashmir, and massive disruptions to local red deer herds. The deer, known locally as hangul, are now mainly restricted to one national park throughout their 600km-long historic range. Scroll News has reported that Khrew, where eight cement plants are situated, adjoins forest forming an important corridor for hanguls. Local conservation campaigners say that cement plants' incursion on traditional grazing land has driven farmers' herds into this ecologically important forest.
Some zoologists class the hangul as a species in its own right. The International Union for the Conservation of Nature categorises the animal as critically endangered.
Adani Group to extend loans used to buy Ambuja Cement and ACC
02 December 2022India: Adani Group is negotiating with several international banks to extend and refinance loans worth US$3.5bn that it used to buy Ambuja Cement and ACC. The Business Standard newspaper reports that the company hopes to extend the bridging loans it originally secured to a tenure of five years. Adani Group purchased the former subsidiaries of Switzerland-based Holcim for around US$6.5bn in September 2022. It later said it planned to invest a further US$2.5bn into its new cement business to double its production capacity.
Grasim Industries raises US$123m through non-convertible debentures
01 December 2022India: Grasim Industries has informed investors that it has raised US$123m through allotment of 7.6% rated, listed, unsecured redeemable non-convertible debentures (NCDs).
CRISIL and ICRA have rated the NCDs as AAA (stable).
JK Cement commissions new Uttar Pradesh grinding plant
28 November 2022India: JK Cement has commissioned its latest new grinding plant in Uttar Pradesh. Reuters News has reported that the facility has a cement production capacity of 2Mt/yr.
JK Cement is on track to increase its total installed capacity to 23Mt/yr by the end of 2023.