Century Textiles boosts cement capacity
Century Textiles’ Manikgarh expansion is set to be operational by March 2014, bringing the company’s total capacity to 12.8 million tpa by the end of the 2014 financial year. The Manikgarh plant in Maharashtra currently has the capacity to produce 1.9 million tpa of cement, and this will go up by 2.8 million tpa when the Unit II expansion project is completed. Commissioning of the project has been delayed by bad weather and an ‘acute shortage’ of natural sand. The captive power plant is also set to be expanded. Environmental clearance has been obtained from the Ministry of Environment and Forests to boost power at the Manikgarh plant from 40 MW to 60 MW.
Shriram acquisition in final stages?
MyHome Industries (a JV with CRH) and Vicat continue to vie for a controlling stake in Sree Jayajothi Cements, part of Shriram Ventures. MyHome has allegedly revised its offer to something ‘more attractive’. The company, which owns a 3.2 million tpa cement plant in Andhra Pradesh, is valued at about US$250 million (Rs.1500 crore), split almost equally between debt and equity. Should MyHome win the bid, it would strengthen their position in Andhra Pradesh where prices are beginning to show signs of recovery.
Jaiprakash Associates confirms Gujarat deal is still on the table
In an interview with CNBC-TV18, Manoj Gaur – the executive chairman of Jaiprakash Associates – confirmed that the Gujarat plant is still to be sold, despite reports to the contrary. “As far as JP group and management are concerned, we have not stopped pursuing from our stated goal of deleveraging the balance sheet,” Gauer said. “Time will prove that this disinvestment program to reduce the debt on the balance sheet at different companies is on. As far as Gujarat Cement, no one has called off any discussions.”
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/asia-pacific-rim/28062013/expansion_acquisition_news_from_india_cement_30/