The Chairman of UltraTech, Kumar Mangalam Birla, addressed shareholders at UltraTech’s 2015 AGM and remarked on the commendable performance of the company during the difficult times that have faced the cement industry in 2015.
Commenting on strategic moves at UltraTech, Birla said: “The acquisition of the Gujarat units of Jaypee Cement Corporation Ltd has been completed. The acquired facilities comprise an integrated unit at Sewagram and a grinding unit at Wanakbori, with a combined capacity of 4.8 million tpy. The enterprise value was Rs.3800 crores besides the actual net working capital at closing.”
In addition, Directors at UltraTech have approved the acquisition of the cement units of Jaiprakash Associates Limited, situated at Bela and Sidhi in Madhya Pradesh, India, which will raise the company’s cement capacity in India to 65.1 million tpy.
“With the ongoing projects underway, the capacity in India will grow to 71.2 million tpy by the end of FY 2015-16. The company augmented its captive power capacity with the commissioning of 50 MW of thermal power plants and 22.5 MW through waste heat recovery. This brings the total thermal power capacity to 717 MW and waste heat recovery at 33 MW,” added Birla. “UltraTech has a strong balance sheet, robust cash flows and gearing levels well within reasonable limits. The company enjoys the confidence of its stakeholders. It has a market cap of over US$13 billion. All of these help stoke the company’s future growth and development.”
Edited from press release by Angharad Lock
Read the article online at: https://www.worldcement.com/asia-pacific-rim/02092015/ultratech-2015-agm-474/