UltraTech Cement Middle East Investments Limited (UCMEIL), UltraTech's UAE-based wholly-owned subsidiary, has entered into a "binding agreement with HeidelbergCement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL", the Aditya Birla Group firm said in a regulatory filing.
In a suit filed in the Bombay High Court, Aditya Birla Group-owned Grasim Industries and Ultratech Cement have said that MP Birla Group has infringed on their copyright by using the word 'ultra' in its cement brands. Ultratech is seeking relief by restraining the Kolkata-based group from using the mark.
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.
"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.