Displaying items by tag: India

India: Grasim Industries, a subsidiary of Aditya Birla Group, has posted a 44% year-on-year rise in its consolidated net profit to US$303m for the third quarter of the 2023 Indian fiscal year, a period that ended on 31 December 2022.

During the quarter under review, the company’s consolidated revenue rose by 17% to US$3.45bn. Grasim Industries said that the growth in revenue was driven by strong performances by its subsidiaries UltraTech Cement and Aditya Birla Capital. UltraTech Cement’s sales for the quarter rise by 12% year-on-year to 26Mt. This led to an increase in capacity utilisation rate from 75% to 83%.

France: Vicat’s full year results for 2022 show a 16.6% year-on-year rise in consolidated sales, from Euro3.12bn to Euro3.12bn. Its earnings before interest, tax, depreciation and amortisation (EBIDTA) came to Euro570m, a 7.9% fall compared to Euro619m in 2021. Its net income for 2022 was Euro156m, a fall of 23.6% year-on-year from Euro204m in 2021.

Commenting on these figures, Guy Sidos, the Group’s chair and chief executive officer, said “In 2022, the Vicat Group demonstrated resilience amid tough conditions. Faced with an unfavourable basis of comparison as a result of the sharp post-Covid rebound in business trends during 2021, a very strong increase in energy costs and non-recurring industrial costs in the US, France and India, we responded rapidly, raising our selling prices significantly across almost all the markets in which we operate to offset the impact of inflation. We have made progress with our policy of lowering our greenhouse gas emissions by harnessing existing solutions and investing in technologies that will enable us to reach our new 2030 targets.”

India: Adani Group is in talks with lenders to repay a US$500m bridging loan facility it used to buy controlling stakes in ACC and Ambuja Cements in 2022. Adani is looking to repay the loan with cash during February 2023, according to the Economic Times. The loan was underwritten by Barclays, Deutsche Bank and Standard Chartered. The financial consortium lending to Adani also includes DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Bank, Intesa and Mizuho.

The Economic Times’ report comes a day after the group said its companies face no material refinancing risk or near-term liquidity issues, in its latest attempt to calm investors spooked by Hindenburg Research’s critical report on its business practices.

India: Antony Waste Handling Cell Limited (AWHCL) has won a US$124m contract for construction and demolition waste management services in Mumbai. Press Trust of India News has reported that the contract covers nine municipal subdivisions of the city and will last until 2044. AWHCL said that the contract will enable it to develop the circularity of cement and concrete within the local economy. It expects to commission 600t/day-worth of waste processing capacity by March 2023. The waste management company expects a recovery rate of 25% recyclable materials.

AWHCL chairman and managing director Jose Jacob said "This sub-segment of solid waste management provides tremendous growth opportunities given the number of infrastructure development projects underway, and the government's push to accelerate the economic growth with infrastructure being one of the important growth pillars."

Bangladesh: The European Union (EU) and Spanish ambassadors and Swiss chargé d'affaires to Bangladesh have formally requested that Bangladeshi authorities lift all restrictions on LafargeHolcim Bangladesh's sale of crushed limestone in the country. The Financial Express newspaper has reported that Bangladeshi court previously ruled in favour of LafargeHolcim Bangladesh's right to sell its crushed limestone 'on the open market' on 5 January 2022. Limestone Importers and Suppliers Group had challenged the legal status of such sales, given that the raw limestone used in LafargeHolcim Bangladesh's produces its crushed limestone production is imported from India.

The Bangladesh government granted LafargeHolcim Bangladesh, a subsidiary of Switzerland-based Holcim, a temporary licence to resume its crushed limestone operations on 27 March 2022. This resulted in protests by local limestone producers.

India: Shree Cement recorded a 20% year-on-year rise in its consolidated sales to US$1.55bn in the first nine months of the 2023 financial year, from US$1.29bn in the first nine months of the 2022 financial year. The group's total expenditure rose by 36% to US$1.29bn from US$952m. Thus, Shree Cement recorded a 56% drop in net profit, to US$90.1m from US$203m.

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."

India: Grasim Industries is preparing to appoint Ananya Birla, and Aryaman Vikram Birla as directors. The pair are the children of company chair KM Birla, who is also the chair of the parent company, Aditya Birla. Both companies are parent organisations to UltraTech Cement.

Ananya Birla is a musician and a businesswoman. She released her first single ‘Livin the Life’ in 2016 after signing with Universal Music India. She also set up her first company Svatantra Microfin, a microfinance institution, in 2012.

Aryaman Vikram Birla is a former professional cricketer who played for the Rajasthan Royals in the Indian Premier League. His work with Aditya Birla has included helping to steer the group’s TMRW venture in the fashion and lifestyle sectors. He has also invested in the hospitality business and worked with the group’s venture capital fund, Aditya Birla Ventures.

The board of Grasim Industries has also appointed Yezdi Piroj Dandiwala as an independent director. Dandiwala is a corporate lawyer. He is a partner at Mulla & Mulla and Craigie Blunt & Caroe, Advocates & Solicitors. He holds experience in corporate and commercial transactions.

All of these appointments are subject to approval by the board.

India: Ramco Cements recorded revenues of US$674m during the first nine months of its 2023 financial year, up by 33% year-on-year from US$509m in the corresponding period of the 2022 financial year. Costs rose, including a 45% rise in the company’s raw material costs to US$110m from US$76m. This precipitated a 75% decline in the producer’s net profit, to US$23m from US$93.1m.

India: Amplus Solar has secured a contract with JK Lakshmi Cement for construction of a 56MW solar power plant at the producer’s 1.7Mt/yr Durg cement plant in Chhattisgarh. The producer expects to eliminate 73,000t/yr of CO₂ emissions as a result.

JK Lakshmi Cement’s president Arun Shukla said "We support the country's vision to achieve net zero emissions by 2070. We have taken multiple steps to reduce both direct and indirect carbon emissions. Last month, for the first time in India, we deployed liquefied natural gas (LNG) trucks to transport raw material. Now, with the switch to solar energy at our Durg plant, nearly 80% of the plant’s energy requirements will be met renewably.”

Amplus Energy previously partnered with UltraTech Cement for a 50MW solar installation at one of its cement plants in 2019.