Economy & Market

Cement cos look for stay on CCI fine to avoid provisioning

Published

14 years ago

July 10, 2012

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The cement companies, which were slapped with penalty by the Competition Commission of India (CCI) in the price cartelisation case, may have to soon provision for the same. The CCI order last month gave companies 90 days to pay a Rs 6,300-crore penalty.The 11 cement companies that were penalised for price cartelisation have moved the Competition Appellate Tribunal against the order. Vinod Juneja, Managing Director, Binani Cement, said much will depend on the outcome of the appeal filed against the order. All the companies have appealed against the penalty and if it is stayed then there is no need for provisioning, he added.The companies are ACC, Ambuja Cement, UltraTech Cement, Grasim Industries (now merged with UltraTech), Lafarge India, JP Associate, Century Textile and Industry, Madras Cements, Binani Cements, India Cements and JK Cement.Sudip Bandyopadhyay, Managing Director, Destimoney Securities, said the penalty on a core sector such as the cement industry will weaken the foreign and domestic investor confidence, which is already hit by the retrospective tax amendment and the 2G scam.

Concrete

WCA Welcomes SiloConnect as associate corporate member

Published

2 days ago

April 13, 2026

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The World Cement Association (WCA) has announced SiloConnect as its newest associate corporate member, expanding its network of technology providers supporting digitalisation in the cement industry. SiloConnect offers smart sensor technology that provides real-time visibility of cement inventory levels at customer silos, enabling producers to monitor stock remotely and plan deliveries more efficiently. The solution helps companies move from reactive to proactive logistics, improving delivery planning, operational efficiency and safety by reducing manual inspections. The technology is already used by major cement producers such as Holcim, Cemex and Heidelberg Materials and is deployed across more than 30 countries worldwide.

Concrete

TotalEnergies and Holcim Launch Floating Solar Plant in Belgium

Published

2 days ago

April 13, 2026

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TotalEnergies and Holcim have commissioned a floating solar power plant in Obourg, Belgium, built on a rehabilitated former chalk quarry that has been converted into a lake. The project has a generation capacity of 31 MW and produces around 30 GWh of renewable electricity annually, which will be used to power Holcim’s nearby industrial operations. The project is currently the largest floating solar installation in Europe dedicated entirely to industrial self-consumption. To ensure minimal impact on the surrounding landscape, more than 700 metres of horizontal directional drilling were used to connect the solar installation to the electrical substation. The project reflects ongoing collaboration between the two companies to support industrial decarbonisation through renewable energy solutions and innovative infrastructure development.

Concrete

Cortec® Corporation applauded for its strong safety performance

Published

2 days ago

April 13, 2026

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Cortec® Corporation has been recognised for its strong safety performance, receiving its sixth Governor’s Workplace Safety Award for its outstanding performance in 2025. As a Silver Achievement recipient, the company continues to maintain safety metrics well above national industry averages, an impressive accomplishment for a chemical manufacturing organisation. This achievement reflects Cortec’s proactive approach to workplace safety, focused on early hazard detection and employee involvement. The company will be formally recognised at the Minnesota Safety and Health Conference in May, highlighting how industrial companies are effectively strengthening workplace safety standards.