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Newsbytes from some of India’s leading cement producers

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World Cement,

  • Jaiprakash Associates has told press that no press release has been issued on the matter of the sale of Rewa Cement plants to UltraTech Cement, saying reports are based on market speculation.
  • JK Cement Ltd plans to raise Rs.300 crore through the issue of Securities and/or Non Convertible Debentures with warrants on Preferential Allotment basis, Qualified Institutional Placement (QIP) basis or such other form as is permissible by law and subject to shareholders approval, according to Equity Bulls.
  • In Hyderabad, the Telangana government has called on cement producers to lower prices after a significant increase in the last month. In May, the price of a 50 kg bag of cement was Rs.230 – 250. Now, it has risen to Rs.330 – 350, according to reports. This has put pressure on construction projects, some of which have reportedly come to a halt due to the high prices.
  • The press is reporting that Holcim and Lafarge may sell assets in Rajasthan and Chhattisgarh in order to get their merger past competition authorities. Holcim is present in India through its subsidiaries, ACC and Ambuja Cements, while Lafarge operates through Lafarge India Pvt Ltd. Both companies have interests in Rajasthan and Chhattisgarh. Reports suggest that the firms will likely file a self-assessment of the competitive overlaps by the end of the month. Some ready-mix assets may also have to go, given the companies’ strong presence in the ready-mix market.

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