Jaypee Group, an infrastructure and real estate major, is acquiring a controlling stake in GP Goenka group’s Andhra Cements. It is the second transaction between the two groups in the last 18 months. The deal involves Jaypee Development Corporation, a privately held arm of the group, acquiring 66.7 per cent in Andhra Cements for Rs 234.7 crore. This will be done through share purchase from the GP Goenka group and a preferential allotment of fresh shares, followed by an open offer. While Rs 177 crore will be used for fresh equity infusion, the remaining will be used to buy a part of the stake currently held by the GP Goenka group. GP Goenka will remain a minority shareholder in Andhra Cements after the transaction. The units of Andhra Cements are currently not operational and the company reported a loss of Rs 35.5 crore on net sale of Rs 65.5 crore last year. Once the current expansion plan of Andhra Cements is completed, Jaypee can add another 3.5 mtpa to its capacity.The move is being seen as a prelude to the group’s plan to sell stake in cement business. The Japyee Cement Corp will have an annual capacity of 8.5 million tonnes and plants in three important states of Andhra Pradesh, Gujarat and Karnataka.
Sustainable solutions by Ambuja Cement, ACC
Ambuja Cement and ACC the cement and building material companies of the diversified Adani Group announced solutions to an array of customer concerns while keeping environment sustainability at its core. Examples of this are the concrete mix proportioning solution; designed to optimise the proportions of aggregates, sand and water in concrete mixes considering their unique properties. This helps the company optimise the resources thereby minimising wastage. The company also developed an in-house modular curing solution, also known as zero-water curing. This technique helps concrete slab curing without excessive use of water. This has helped save about 39 million litres of water across multiple sites.
Fornnax adds 430HP secondary shredder to it’s R-series line-up
Fornnax technologies showcased the R4000-HD tyre shredder at the IFAT expo 2023, where the company got a platform to interact with industry professionals from domestic as well as overseas markets and demonstrate the technological prowess of their machine. The R4000-HD is a powerful machine designed to make secondary shredding and steel separation more efficient and profitable.
The machine saves electricity and man-power and due to its design features it is built to make maintenance procedures easier and also lower the wear and tear to the equipment, thus lowering operating cost. It can process various materials from types, cables, e-waste and aluminium scrap. It is built to last 20-25years. With all its features and sturdy built, it is one of the most powerful secondary shredding machines in the industry.
Udaipur Cement Works Limited doubles its clinker capacity
A subsidiary of the well known JK Lakshmi Cement Ltd., Udaipur Cement Works Ltd. (UCWL) recently announced the expansion of its clinker facility taking its current capacity from 1.5MTPA to 3 MTPA at Udaipur. The company, by the end of financial year 2023-24, plans to exceed twice the current capacity from 2.2 MTPA to 4.7 MTPA. The capacity expansion has been funded through a mix of equity and debt; the company recently successfully completed its rights issue of INR 450 crores.
They have two brands under their portfolio ‘Platinum Heavy Duty Cement’ and ‘Platinum Supremo Cement’.
Also known for their commitment to renewable energy and environment sustainability, they have the first and only of it’s kind floating solar power plant of 1MWp at it’s mines, fulfilling 50% of their electricity needs.