India Cements sells land to UltraTech

25 Sep 2023 CW Team

As part of the deal, 14.53 acres of land will also be included in the transaction. Last year, India Cements sold its limestone mining subsidiary, Springway Mining (SMPL), to JSW Cement for Rs 4.76 billion. This subsidiary owned limestone-rich land in Madhya Pradesh, where a cement plant was being established. The sale reflected the challenges faced by the largest cement producer in southern India.

To modernise and enhance the efficiency of its plants, ICL has engaged FLSmith and ThyssenKrupp Industries to conduct a comprehensive assessment of their operating parameters. Additionally, the company has enlisted the services of Boston Consulting Group to analyse and suggest efficiency improvements for three of its plants located in Andhra Pradesh and Telangana.

The company's older plant facilities have limited production efficiency, and the sale of non-core assets is aimed at bolstering cash reserves to fund plant upgrades. Meanwhile, the Udaipur tehsildar confirmed that around 250 people met with local authorities, handing over a memorandum with an ultimatum. This memorandum is addressed to the Chief Minister and the Deputy Chief Minister of Chhattisgarh, and it highlights their concerns about potential job loss in the event of mine closures. The protesters also staged a demonstration on the national highway. The tehsildar pledged to forward the memorandum to the relevant authorities for appropriate action.

On a broader scale, Rajasthan Chief Minister Ashok Gehlot has persistently written letters to his Chhattisgarh counterpart, Bhupesh Baghel, urging expedited granting of the necessary clearances for PEKB phase II. Gehlot has emphasised that Rajasthan is grappling with a severe power crisis due to the unavailability of coal required to operate its thermal power plants. Although the Chhattisgarh government had previously granted clearance for the second phase of coal mining in Parsa East Kanta Basan (PEKB) in Surguja district, the crucial permission for tree cutting for mining is still pending. This has led to a precarious situation where thousands of livelihoods hang in the balance.

N. Srinivasan-led The India Cements Ltd (ICL) has entered into an agreement with UltraTech Cement Ltd to sell 73.75 acres of land in Andhra Pradesh's Vizianagram district for Rs 700 million. This move is part of ICL's strategy to enhance liquidity, improve operational performance, and meet essential capital expenditure requirements. As part of the deal, 14.53 acres of land will also be included in the transaction. Last year, India Cements sold its limestone mining subsidiary, Springway Mining (SMPL), to JSW Cement for Rs 4.76 billion. This subsidiary owned limestone-rich land in Madhya Pradesh, where a cement plant was being established. The sale reflected the challenges faced by the largest cement producer in southern India. To modernise and enhance the efficiency of its plants, ICL has engaged FLSmith and ThyssenKrupp Industries to conduct a comprehensive assessment of their operating parameters. Additionally, the company has enlisted the services of Boston Consulting Group to analyse and suggest efficiency improvements for three of its plants located in Andhra Pradesh and Telangana. The company's older plant facilities have limited production efficiency, and the sale of non-core assets is aimed at bolstering cash reserves to fund plant upgrades. Meanwhile, the Udaipur tehsildar confirmed that around 250 people met with local authorities, handing over a memorandum with an ultimatum. This memorandum is addressed to the Chief Minister and the Deputy Chief Minister of Chhattisgarh, and it highlights their concerns about potential job loss in the event of mine closures. The protesters also staged a demonstration on the national highway. The tehsildar pledged to forward the memorandum to the relevant authorities for appropriate action. On a broader scale, Rajasthan Chief Minister Ashok Gehlot has persistently written letters to his Chhattisgarh counterpart, Bhupesh Baghel, urging expedited granting of the necessary clearances for PEKB phase II. Gehlot has emphasised that Rajasthan is grappling with a severe power crisis due to the unavailability of coal required to operate its thermal power plants. Although the Chhattisgarh government had previously granted clearance for the second phase of coal mining in Parsa East Kanta Basan (PEKB) in Surguja district, the crucial permission for tree cutting for mining is still pending. This has led to a precarious situation where thousands of livelihoods hang in the balance.

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