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Good times yet to come

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It?s the time the corporates have just published their financial results for 2014-15. There is an expected amount of discussion and analysis of these results by analysts and the media, all of which give us a window into the companies and the sectors. Cement industry is no exception.

Having looked at these data, here is the bottomline for the cement sector, for the year gone by. Despatches, which is a surrogate for consumption, has grown by about 4.5 per cent, and prices have been under pressure in most regions. Things have been particularly bad in the last quarter, as volumes have dipped, and also prices squeezed in most regions other than in South. So, this has not been a good period for the industry, and many of the companies like ACC and Ambuja have clearly concentrated on cost management to shore up their profitability. UltraTech Cement, which, by size, geographical presence and brand, is something like the ?bellweather? of the industry, suffered a quarter-on-quarter volume decline of 9 per cent on adjusted basis, while improving its EBITDA margin. So, clearly, if growth is what the industry was looking for, it was disappointed. But it looks like the wait for ?Good Times? just got even longer.

In the olden days, the performance of steel and cement industries used to be taken as a barometer for the state of economy. We used to talk about a multiplying factor of 1.2 or 1.3 to empirically project cement demand growth from GDP growth. This approximation seems to have been distorted in the current context. Which was India?s true growth rate last year, 7 per cent or 5 per cent? We seem to have lost in the statistical confusion, even as we wait for the expected construction boom, the manufacturing revolution and the infrastructure makeover to materialise. But, if we believe our traditional barometer, the lowly cement market growth points towards a correspondingly low growth of our economy, which in turn is reflected in the fact that consumption is stagnating, job opportunities are not increasing, and overall sentiments are turning bearish. Our friends in the cement industry are cautiously optimistic, when they predict a moderate 7 per cent growth in 2016-17. Why do we term even this moderate growth projection to be optimistic? Because, firstly, cement demand growth substantially hinges on infrastructure boom, and secondly because our ?imminent? infrastructure boom may take another 2-3 years to fructify. Interestingly, the Head of UK India Business Council has been quoted as saying that the sentiment has moved from irrational exuberance to rational optimism.

In such a situation, with volumes and prices subdued, our cement companies will have to concentrate on the cost-side story, and continuously improve their relative competitiveness. Energy efficiency is a crucial element of cost, and we have featured this topic in our current issue, which will interest our constituents. The average capacity utilization being around 70-72 per cent, makes the job of improving energy efficiency that much more challenging. Companies will innovate, install efficient equipment and drives, optimize fuel-mix, hike fly-ash absorption, and try to enhance fuel substitution rates, to manage energy costs in such a difficult scenario.

Finally, as we conclude, let us mourn the tragedy that has struck our neighbouring country, Nepal, where thousands of lives have been lost. Perhaps, much of the deaths and destructions could have been mitigated, if we were to follow our construction codes and standards as applicable to respective seismic zones, more conservatively. Let us hope that going forward, better wisdom will prevail among the fraternity of law makers, regulators, builders, professionals, and also individual home-builders.

Economy & Market

Fornnax launches world’s biggest secondary/fine shredder for AFR pre-processing

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Fornnax has introduced its latest breakthrough – the R-MAX3300, for handling low-density waste streams, offering a powerful solution for cement AFR plants.

Fornnax Technology has launched its latest breakthrough – the R-MAX3300, the biggest secondary shredder in its class. The unveiling took place on 14th October, 2025 at IFAT India 2025 in Mumbai, one of the most prestigious events for environmental technologies, waste management, and sustainable resource innovation.

The launch ceremony was graced by esteemed industry leaders and dignitaries. The guest list included Md Fahim Sopariwala, CEO, GEPIL India; Sridhar Jagannathan, Vice President, Zigma Global; Priyesh Bhatti, CEO, GEPIL India; Shailendra Singh, Deputy General Manager, Prism Johnson (Cement Division); Ulhas Parlikar, Global Consultant, Waste Management, Circular Economy, Policy Advocacy and Co-processing; Saurabh Palsania, Joint President (Strategic Sourcing), Shree Cement; Rajeev Patel, DGM (Process), Mangalam Cement; and Anumodan Kumar Dubey, Mangalam Cement.

This state-of-the-art equipment represents a significant advancement for India’s recycling and waste processing landscape, offering a powerful solution for cement AFR plants and waste-to-energy facilities.

Building on the proven performance and legacy of the R Series secondary shredder, which has long been trusted for high-density materials like tyres and cables, the newly introduced R-MAX3300 is specifically engineered for handling low-density waste streams. These include Municipal Solid Waste (MSW), Commercial and Industrial (C&I) waste, Bulky waste, Legacy waste, Wood waste, and Construction & Demolition (C&D) waste.

By incorporating advanced shredding technology, the R-MAX3300 enables seamless and highly efficient production of Refuse Derived Fuel (RDF) and Solid Recovered Fuel (SRF) within the ideal particle size range of 30 to 50 mm. Its design prioritises versatility, durability and superior performance, directly supporting industrial operations that demand consistency and scale.

“The R-MAX3300 represents a monumental leap forward in our vision to become a global leader by 2030 in recycling technology through innovation,” said Jignesh Kundaria, Director and CEO, Fornnax Technology. “With the rising challenges of waste management in India and globally, this machine is not just a product; it’s a powerful tool for change. We engineered it to handle the most difficult waste streams with unparalleled efficiency, turning what was once considered unusable waste into a valuable resource. It directly addresses the urgent demand for effective, large-scale shredding technology that can support cement kilns and waste-to-energy facilities in achieving the desired output,” he added.

The launch of the R-MAX3300 arrives at a pivotal moment. India currently generates over 160,000 tons of municipal solid waste daily, while government-led initiatives such as Swachh Bharat Mission and Smart Cities are accelerating the demand for RDF and waste-to-energy solutions. Simultaneously, the global industrial shredder market is expected to grow at a 5–6 per cent CAGR, driven by stricter recycling regulations and increasing waste generation.

Kundaria further emphasised, “Our commitment goes beyond just selling machinery; it’s about empowering our customers to achieve lasting efficiency, sustainability, and growth. We see ourselves as a trusted partner who stands beside them at every step – from technology deployment to ongoing support, ensuring they can rely on Fornnax not only for performance but also for consistency, dependability, and long-term value.”

The R-MAX3300 is equipped to handle high-throughput processing of pre-shredded or coarse materials, making it ideal for SRF/RDF production, composting pre-treatment, and volume reduction for logistics optimisation. It is expected to play a crucial role in Integrated Waste Management Projects (IWMP) and bio-mining operations both within India and globally.

With this grand launch, Fornnax continues to set global benchmark and move decisively towards the vision of becoming global leader in recycling technology by 2030 that is state-of-the-art, innovative, economical, efficient reliable and eco-friendly.

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Concrete

Fornnax wins Top Domestic Sales Award 2024-25 by AIRIA

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Fornnax bags the Excellence in Top Domestic Sales Award 2024–25 by the All India Rubber Industries Association (AIRIA).

The company has been honoured with the Excellence in Top Domestic Sales Award 2024–25 by the All India Rubber Industries Association (AIRIA) under the Rubber Machineries and Equipment category. The award recognises Fornnax’s exceptional market leadership, strong sales performance and continued commitment to sustainable innovation.

With over a decade of specialised expertise, Fornnax has emerged as a transformative force in India’s tyre recycling sector, commanding nearly 90 per cent of the domestic market while steadily expanding across Europe, Australia, the GCC, and other global regions.

Fornnax’s advanced recycling systems—comprising the SR-Series Primary Shredders, R-Series Secondary Shredders, and TR-Series Granulators—are engineered for durability, efficiency, and high-output performance. These technologies are widely deployed in end-of-life tyre (ELT) processing and other waste management applications, reinforcing Fornnax’s reputation as a trusted industry partner.

Expressing his gratitude, Jignesh Kundaria, Director & CEO, Fornnax, said, “We are incredibly proud to receive this recognition from AIRIA. This award validates the trust that our customers and partners have placed in us over the years. I would like to extend my heartfelt gratitude to all our clients and partners who have been an integral part of this journey and our continued success. At Fornnax, our goal has always been to empower the recycling industry with innovative, high-performance solutions that make sustainability both achievable and profitable.”

The award also underscores Fornnax’s pivotal role in promoting circular economy practices by enabling the conversion of end-of-life tyres and rubber waste into reusable raw materials. Through ongoing R&D, new product innovation, and a solutions-driven approach, the company continues to help industries worldwide adopt eco-conscious, scalable recycling models.

As India’s recycling landscape evolves to meet global sustainability benchmarks, Fornnax stands at the forefront with internationally certified technology, a proven track record, and a clear vision for environmentally responsible growth.

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Concrete

Pacific Avenue Completes Acquisition of FLSmidth Cement; Rebrands as Fuller Technologies

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The acquisition of FLSmidth Cement by Pacific Avenue Capital Partners marks a new phase of focused growth and innovation.
Rebranded as Fuller® Technologies, the company will continue delivering world-class solutions with renewed investment and direction.

Pacific Avenue Capital Partners (“Pacific Avenue”), a global private equity firm, has completed its acquisition of FLSmidth Cement following the fulfillment of all customary closing conditions and regulatory approvals. The transaction includes all of FLSmidth Cement’s intellectual property, technology, employees, manufacturing facilities, and global sales and service organizations.

As Fuller Technologies, the company will continue to seamlessly support its customers while advancing its robust portfolio of capital equipment, digital solutions, and service offerings. With a sharpened focus on Pyro and Grinding technologies, alongside core brands such as PFISTER®, Ventomatic®, Pneumatic Conveying, and Automation, Fuller Technologies aims to deliver enhanced value and reliability across the cement and industrial sectors.

Under Pacific Avenue’s ownership, Fuller Technologies will benefit from increased investment in people, products, and innovation. The dedicated management team will work to optimize operations and strengthen customer relationships, ensuring continuity and excellence during this exciting transition.

“We are proud to be the new owner of FLSmidth Cement, now Fuller Technologies, a global leader with a rich history of providing mission-critical equipment and aftermarket solutions in the cement and industrial sectors. We will continue to build upon the Company’s legacy of being at the forefront of technological innovation, service delivery, and product quality as we support our customers’ operations,” says Chris Sznewajs, Managing Partner and Founder of Pacific Avenue Capital Partners.

Pacific Avenue’s deep experience in executing complex industrial carve-outs and guiding standalone businesses into their next growth phase will be instrumental in shaping Fuller Technologies’ future. With a proven track record in building products and capital equipment industries, Pacific Avenue is poised to help Fuller Technologies optimize performance, accelerate growth, and create long-term value for its customers and stakeholders worldwide.

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