Displaying items by tag: India

India: Dalmia Cement (Bharat) and Sagar Cements have submitted acquisition offers to Andhra Cements' administrator and committee of creditors. The Business Standard newspaper reported that the company owes its lenders total debts of US$118m and is valued at between US$42.5m and US$48.6m.

India: HeidelbergCement India recorded consolidated sales of US$61.5m during the second quarter of its 2023 financial year, down by 11% year-on-year from US$69.2m in the second quarter of the 2022 financial year. The Heidelberg Materials subsidiary's net profit in the quarter fell by 88% over the year, to US$852,000 from US$7.24m in the 2022 financial year's second quarter. The second quarter of the 2023 financial year brought a 0.3% year-on-year drop in the producer's operating expenses, to US$55.7m from US$55.9m.

India: Udaipur Cement Works plans to raise US$42.6m through the sale of bonds, Reuters News has reported. The producer says that the bonds will mature in March 2025.

India: During the second quarter of the 2023 financial year, Shree Cement recorded standalone sales of US$459m, up by 18% year-on-year from US$389m in the second quarter of the 2022 financial year. The figure represents a quarter-on-quarter drop of 10% from US$510m during the first quarter of the present financial year. The producer reported cost increases as a percentage of revenues to 33% for fuel and power, 7.6% for raw materials and 1.6% for inventory costs during the quarter. It said that this resulted in a 67% year-on-year drop in its standalone net profit to US$22.9m, from US$70.2m in the second quarter of the 2022 financial year.

India: Adani Group's flagship company, Adani Enterprises, has clarified that it is 'not evaluating' the possibility of acquiring Jaypee Group's cement business. Bloomberg has previously reported that Adani Enterprises was in 'advanced talks' to acquire the 10Mt/yr-capacity business for US$606m.

India: Birla Corporation won bidding for Madhya Pradesh's Marki Barka coal mines on 15 October 2022. The producer said that the asset will provide fuel security and cost optimisation for its cement operations.

India: The state government of Karnataka has approved the allotment of 6 hectares of land to Everest Industries. Reuters News has reported that the company plans to build a cement boards plant. The plant will produce either conventional cement boards or the company's Rapicon reinforced aerated concrete and gypsum wallboard sandwich panels.

India: Imerys has inaugurated a 30,000t/yr calcium aluminate binder plant at Atchatapuram in Andhra Pradesh. The Hindu newspaper has reported that the plant will supply refractory production and construction uses. Imerys plans to expand the plant's capacity to 50,000t/yr by 2030, in order to serve rising demand deriving from India's growing cement sector. This will make it Imerys' largest plant in the country.

India: JSW Cement has announced a planned US$389m investment in the construction of a new integrated cement plant in Madhya Pradesh and a grinding plant in Uttar Pradesh. Together, the plants will have a cement capacity of 5Mt/yr.

The Economic Times newspaper has reported that JSW Cement's acquisition of Springway Mining has given it access to 106Mt of new limestone reserves, with a mining lease until 2065.

India: Vicat Cement subsidiary Bharathi Cement has inaugurated its 750,000t/yr Coimbatore cement terminal in Tamil Nadu. The Deccan Chronicle newspaper has reported that the terminal will serve Tamil Nadu and Kerala. The facility has dedicated container wagons and a 24-hour loading facility with end-to-end logistical automation.

Vicat India chief executive officer Anoop Kumar Saxena said "With its rapid infrastructure development and urbanisation, India proves to be a key market for our business. By investing in the new terminal we align with our commitment towards India's progress and growth. The Coimbatore terminal is Vicat India's second terminal after the Mumbai terminal, which was set up in 2018.