The Kolkata-based conglomerate is joining tycoons including Anil Ambani & Subhash Chandra in selling assets to pare debt as a cash crunch in markets increase funding costs. TPG Capital is also weighing a bid and could look for a local partner.
At least 15 people got injured and 11 are critical after boiler at a cement plant burst. The incident happened in Rajasthan’s Chittorgarh on September 29. While speaking to mediaperson, Chittorgarh district collector, Chetan Ram Deora said, “The critically injured have more than 70% burns, referred them to Ravindra Nath Tagore Medical College, Udaipur. We have started an administrative level inquiry into the matter. We will get the report within 10 days. Legal action will be taken against those who were found to be negligent.” Police investigating is on in the matter.
Dalmia Cement (Bharat) has signed a MoU with UK-based Carbon Clean Solutions for the same.
Kailash Chandra Jhanwar, currently the deputy managing director and chief manufacturing officer at UltraTech will be assuming the role of the company's MD after Maheshwari steps down.
"Our current capacity is 12.5 million tonnes per annum. Once the current expansion plans are completed, we expect the revenues to touch Rs 7,500 crore by FY21," Balaji K Moorthy, executive director ( marketing) told.
Industry will stand to leverage better pricing and government’s infra push
The expansion, which would be partly green-field and partly brownfield, will entail a total investment of around Rs 5,000 crore, to be funded through a mix of debt and equity.
A bench headed by Justice Adarsh Kumar Goel directed the company to shift the hazardous waste in accordance with the Hazardous Waste Management Rules, 2016.
UltraTech Managing Director K K Maheshwari also took 4.76 per cent lesser salary at Rs 12.96 crore in the last fiscal year, ended March 31, 2019.
A decision is yet to be made about the size of the stake to be sold and the group can add more managers for the deal later.
If the changes are not acceptable to Dalmia, Murli Industries will be liquidated. Dalmia Cement (Bharat) refused to offer a comment at this stage.
GCCA India will assume the responsibilities of the Cement Sustainability Initiative (CSI) India which formerly served as the sector’s sustainability alliance.
"Complaints have been received regarding hike in cement price and cartelisation by cement companies," Commerce and Industry Minister Piyush Goyal said.
In April this year, cement production stood at 28.7 million MT, which is lower by 13.3 per cent as compared to March 2019.
The company has invested Rs 3500 crore in the capacity expansion of existing plants and setting up new ones.
In a letter issued to the company, the ministry said it has given environment clearance to UltraTech Cement's proposed greenfield project in Andhra Pradesh with certain conditions.
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