Ramco Cements faces demand slowdown in Q3, profit slips

Ramco Cements, one of India’s biggest cement manufacturers, reported poor demand for cement during the three months ended December. The Chennai-based company, which gets most of its revenues from South India and Eastern India, reported a revenue growth of just 6% for the third quarter, compared to a growth of 12.6% for the first half […]

Visaka Industries starts production at new cement board unit in Haryana

Visaka Industries announced that its new fibre cement board factory at Jhanswa village near Jhajjar, Haryana with an annual capacity of 50,000 tonnes has started commercial production from Monday. Visaka Industries is one of the biggest producers of cement-fiber sheets, used in a variety of applications, including false-ceilings, roofing, partitioning and interior work. Its ‘V […]

ACC, Ambuja to challenge Competition Commission order

ACC Ltd and Ambuja Cements said they will challenge the fine imposed by the Competition Commission of India yesterday, and that a similar order passed by the CCI four years ago had been set aside by the Competition Appellate Tribunal in December last year. “We await receipt of a certified copy of the CCI Order. The […]

ACC, Ambuja among cement companies facing massive fines from Competition Commission

The Competition Commission of India (CCI) has imposed fine of Rs 6,320.6 cr upon ten cement manufacturers for forming independent organization to limit competition by controlling the production and distribution of cement, said the Ministry of corporate affairs. The list of companies included ACC Cements, Ambuja Cements, Binani Cements, Century Cements, India Cements, J K […]

Birla Corporation completes acquisition of Reliance Cement Company

Birla Corporation said it has completed the acquisition of Reliance Cement company (RCCPL) through purchase of 100% shares in the company. The previously Reliance Infrastructure owned company is now a wholly owned subsidiary of Birla Corporation added the company. Early in February this year Birla Corporation had informed regarding the signing of agreement with RCCPL […]

Anil Ambani’s Reliance Infrastructure sells Cement business to Birla Corp

Birla Corporation Limited said it agreed to buy the entire cement business of Reliance Infrastructure Ltd for a valuation of Rs 4800 crores including debt. The debt portion of the valuation will not go to Reliance Infrastructure. The equity value of Reliance Cement was not disclosed. The two companies have agreed that Birla Corp shall […]