Displaying items by tag: India

Thailand: Siam City Cement has appointed Ranjan Sachdeva as its Group CEO from the start of May 2024. He succeeded the previous CEO, Aidan Lynam, on an acting basis in January 2024. He will also continue to work as the Group Chief Financial Officer until a replacement is found.

Sachdeva has worked for Siam City Cement since 2017, first as the Group Head Internal Audit and Compliance and then as the Group Chief Financial Officer, from April 2023. Prior to this he worked in procurement and audit roles for Holcim in India. He has also spent time at Vedanta and Nestle during his career. He holds a bachelor of engineering from the Thapar Institute of Engineering & Technology and a master of business administration (MBA) degree from the University of Leicester, among other qualifications.

India: The National Council for Cement and Building Materials has inaugurated the NCB Incubation Centre (NCB-IC) in New Delhi, designed to support small businesses and startups in the cement industry through mentorship, training and access to advanced laboratories.

This initiative is expected to create new opportunities for employment and technology development in the region, while also contributing to the overall growth and development of the country.

This development is part of the government's broader strategy to enhance the cement sector's contribution to national growth by promoting market-ready products and services.

India: Dalmia Bharat has launched a new mill at its Ariyalur manufacturing unit in Tamil Nadu. The new 1Mt/yr cement unit increases the company's total manufacturing capacity to 45.6Mt/yr. This brownfield expansion is valued at US$24.5m and aligns with the company’s aim to increase its capacity to 110-130Mt/yr by 2031.

Managing director & CEO Puneet Dalmia said "Driven by robust infrastructure development, housing and investments, we anticipate cement demand to rise. This increased capacity will facilitate the growing demand in the southern region."

India: Shree Cement recorded a net profit of US$80m for the quarter ending 31 March 2024, up by 21% year-on-year from US$65m. The company's net revenue also rose by 7% to US$610m during the same period, compared with US$573m in 2023. Operating expenses decreased by 3% year-on-year to US$472m.

India: JK Cement reported a net profit of US$28.1m for the quarter ending 31 March 2024, up by 47.5% year-on-year from US$19.2m. Net revenue increased by 23.3% to US$352m in January – March 2024, compared to US$285m in the same period in 2023. Operating expenses for the quarter rose by 18.2% to US$286m from US$242m in 2023.

India: JSW Cement will establish its first cement plant in the north of the country at Nagaur, Rajasthan. The new site will begin with a capacity of 3.3Mt/yr, eventually expanding to a capacity of 15Mt/yr by 2026.

Managing director Parth Jindal posted on X "Extremely proud that JSW Cement is entering North India, today we have broken ground at our site in Nagaur, Rajasthan. A new beginning for JSW, one that will see us becoming a pan-Indian cement player by 2026.”

India: Top executives from major cement manufacturers project stable prices and decreased costs for the fiscal year 2024-25 (FY25), with some anticipating moderate growth in demand. This follows an estimated 8-9% growth in cement demand for the FY24 in India.

During a recent post-earnings call, Atul Daga, CFO UltraTech Cement, said "Our belief is that the slowdown should be shorter than in earlier years, primarily because private sector housing has also picked up momentum."

India: Jaiprakash Associates has defaulted on loans worth US$553m, including principal of US$210m and interest payments of US$343m. The Deccan Chronicle newspaper has reported that the producer has total borrowings of US$3.57bn, repayable by 2037. The borrowings are comprised of fund-based working capital, non-fund-based working capital, term loans and foreign currency convertible bonds.

Jaiprakash Associates will now transfer US$2.27bn to a special purpose vehicle as part of a scheme of arrangement, subject to the approval of the National Company Law Tribunal.

India: Birla Corporation recorded a significant increase in its consolidated net profit, rising by 127% to US$23m for the quarter ending March 2024. The company reported a consolidated revenue of US$321m, up 6.8% year-on-year. This was reportedly due to reduced power and fuel costs.

Chair Harsh Vardhan Lodha said "As cement consumption in India continues to grow, Birla Corporation is rolling out its next phase of capacity expansion to increase cement production to 25Mt/yr by 2026-27."

India: Nuvoco Vistas has announced its audited financial results for the year ended 31 March 2024. The producer recorded earnings before interest, depreciation and amortisation of US$199m, representing a year-on-year increase of 35%, and profit after tax of US$17.6m. Its net debt fell by US$46m year-on-year to US$482m. Cement sales volumes totalled 18.8Mt and revenue from operations reached US$1.3bn.