Displaying items by tag: JK Cement

India: JK Cement raised its second-quarter sales in the 2024 financial year by 23% year-on-year to US$331m. Over the same period, its profit grew by 62% to US$21.4m.

India: JK Cement has advanced its diversification into the energy sector with four new acquisitions. The Free Press Journal has reported that the cement producer has signed agreements to acquire stakes in CleanMax Matahari, Fourth Partner Energy, Nay Energy and Renewable Energy V.

India: JK Cement has agreed a partnership with Vakrangee to sell cement through the Vakrangee Kendra network. The franchise provides a range of services including banking, insurance, commerce and government services from over 21,000 locations in 32 states and union territories. Many of the outlets provide digital services in so-called ‘underserved’ rural, semi-urban and urban locales.

India: JK Cement laid the foundation stone of its upcoming 2.5Mt/yr Prayagraj grinding plant in Uttar Pradesh on 29 August 2023. The plant will cost around US$60m. The company expects to complete the project in the 2025 financial year, which begins on 1 April 2024. This will increase the producer’s grey cement capacity by 11%, to 25Mt/yr. Its ‘medium-term’ capacity goal is a further 20% growth, to 30Mt/yr.

India: JK Cement’s sales were US$3.31bn during the first quarter of the 2024 financial year. This corresponds to year-on-year growth of 22%, from US$2.73m a year earlier. Nonetheless, its net profit dropped by 29%, to US$136m from US$193m.

India: JK Cement has secured in-principle approval from its board of directors to enter into a share purchase agreement for 100% of shares in Toshali Cements. The Economic Times has reported the value of the agreement as US$19m.

Toshali Cements operates the 200,000t/yr Ampavalli cement plant in Odisha and the 435,000t/yr Choudwar grinding plant, also in Odisha. JK Cement said that its acquisition of Toshali Cements will help the group to expand into Eastern India.

India: JK Cement's consolidated income rose by 21% year-on-year to US$1.19bn in the 2023 financial year, from US$983m in the 2022 financial year, Accord Fintech News has reported. High costs caused the group's net profit to fall by 38% to US$50.7m from US$82.1m.

India: JK Cement plans to issue US$12.2m-worth of bonds with a five-year maturity. Reuters has reported that the producer will receive bids from 20 March 2023.

India: JK Cement has secured regulatory approval to merge its subsidiary Jaykaycem (Central) into itself. The Free Press Journal newspaper has reported that the Allahabad bench of the National Company Law Tribunal granted the approval on 6 March 2023.

India: JK Cement has announced a planned investment of US$60.6m in construction of a new 2.5Mt/yr grinding plant at Prayagraj, Uttar Pradesh. Asian News International has reported that the producer hopes to strengthen its presence in Eastern India. The project increases JK Cement's total investments in Uttar Pradesh to US$145m. It previously inaugurated its 2Mt/yr Hamirpur grinding plant in the state in October 2022. It also operates a 1.5Mt/yr grinding plant at Aligarh.

JK Cement's deputy managing director and CEO Madhavkrishna Singhania said "We are proud to be a part of this dynamic state that not only offers us a geographic advantage but also gives a plethora of opportunities for investment and expansion. With its favourable business environment, abundant resources, and highly skilled workforce, Uttar Pradesh is undoubtedly an ideal location for our expansion plans."