Ultratech, AM Mining, Others Eye Vadraj Cement

Vadraj Cement Enters Insolvency

In a significant development in the business world, the National Company Law Tribunal (NCLT) has admitted Vadraj Cement for insolvency proceedings. The cement industry, a key player in the construction sector, is witnessing a major shakeup as Vadraj Cement grapples with financial challenges.

This move comes as a surprise to industry observers, given Vadraj Cement's historical standing in the market. The insolvency application has been accepted, raising questions about the underlying issues affecting the company's financial health. Experts suggest that this development may have wider im..

Vadraj Cement transferred to NCLT for debt resolution

Vadraj Cement, previously entangled in a prolonged liquidation process lasting over five years within the jurisdiction of the Bombay High Court, has now been transitioned to the National Company Law Tribunal (NCLT) for debt resolution. This move offers a glimmer of hope to creditors seeking to recover over half of their outstanding dues.

In a recent ruling, the NCLT granted approval for the inclusion of Vadraj Cement, formerly known as ABG Cement, in the corporate insolvency process. Lenders have indicated that entities such as Adani Group, UltraTech Cement, and JSW Cement may express..

Adani, JSW Cement, ArcelorMittal vie for acquisition of Vadraj Cement

An entity within the Adani Group, JSW Cement owned by Sajjan Jindal, and the ArcelorMittal Group are reportedly leading candidates for the acquisition of Vadraj Cement, a company belonging to the ABG Shipyard group. Sources familiar with the matter informed that the sale is set to take place under the Insolvency and Bankruptcy Code process.

The Bombay High Court, in August 2018, had ordered the winding up of Vadraj Cement in response to a legal action initiated by trade creditor Beumer Technology India seeking recovery of dues. Frustrated with the slow pace of asset sales, the court ag..

Shree Cement incurs Rs 6.62 billion profit for Q4; beats expectations

Shree Cement, India's third-largest cement manufacturer by market capitalisation announced a fourth-quarter profit that exceeded, attributing it to increased volumes driven by lower cement prices. Typically, cement companies witness a surge in volumes in the March quarter as they reduce prices to clear year-end inventory backlogs.

Analysts had anticipated that reduced fuel costs would partially offset the decline in prices. Shree Cement's profit for the quarter ending March 31 reached Rs 6.62 billion, surpassing street forecasts of Rs 6.20 billion, as per LSEG data. This marked a si..

Jaishankar Highlights Mumbai-Ahmedabad Bullet Train Benefits

india's vision of a modern and interconnected transportation network. Foreign Minister S Jaishankar has emphasised the significant benefits of the Mumbai-Ahmedabad bullet train project, citing its potential to revolutionise transportation and boost economic growth. Speaking on the project, Jaishankar highlighted its role in enhancing connectivity, fostering economic development, and strengthening bilateral ties with Japan.

The Mumbai-Ahmedabad bullet train project, a flagship infrastructure initiative between India and Japan, aims to reduce travel time between the two cities from hour..