The event was held from December 03 to 06, 2019 at Manekshaw Centre, New Delhi. It was inaugurated at the hands of Dr. Guruprasad Mohapatra, Secretary, DPIIT, Ministry of Commerce and Industry by lighting a ceremonial lamp and further the dignitaries on the dais were welcomed by giving a sapling to signify the theme of the seminar"Clean and Green is Sustainable" The eminent personalities spoke on the occasion, the extract of the same is given below:
Dr. B.N.Mohapatra, Director General -NCB, Chairman Organising Committee The Director General – NCB, welcomed the delegates who were 1200 in numbers and came from various countries like China, Japan, Czech Republic, France, U.K., Denmark, Germany, Hungary, Portugal, Italy, Yemen, Nepal and Bhutan. He added saying that cement industry plays a vital role because of its linkage to infrastructure, railways, housing, coal, steel, power and refinery etc. He added, NCB carries out research programs jointly with industry in a time bound manner in areas like use of low grade lime stone, clinker formation at lower temperature, use of high Magnesia lime stone, use of coarser fly ash and increase in use of AFR. It also extends its work to the application of cement and skill development in cement plants. NCB works in close coordination with Bureau of Indian Standards and with educational institutes like IITs.
Mahendra Singhi, Chairman NCB, President; Cement Manufacturers’ Association, Managing Director and CEO of Dalmia Cement (Bharat) Ltd.
It is more than just a seminar it is a conference on Innovation. Initially he praised Dr. B. N. Mohapatra, Director General NCB for doing his best and putting efforts to disseminate knowledge among cement fraternity. He said that seminar like this will make us future ready. Initially he highlighted the achievements of the industry and that of his peers on lowering carbon foot print and improving energy efficiency. While comparing the cement industry from other countries, he said we are one of the most energy efficient. He added that we are one of the largest contributor to the exchequer and second largest contributor of revenue to Indian Railways. He said we have converted our challenges into opportunities. Today close to 80 percent of entire production is blended cements. Many of our plants are water positive. Industry is in the forefront of converting waste into fuel. Last year we have used 3 million tonnes of waste as fuel for our kilns in just one month. We have over achieved our energy targets set for PAT cycle no.1. Five of our group members have been recognised as top most; worldwide in energy efficiency and low carbon foot print. Government of India recognises our efforts and the industry is showcased in various forums outside the country. During his speech Singhi narrated many examples from Ramayana and other mythology. He said that cement industry is setting an example in circular economy. He then brought to the attention of the audience to various challenges industry is facing. He said when the challenges before us are big, we need to intensify our efforts and determination so that we can overcome these challenges. Today the major challenges before us are: 1) reduction in use of fossil fuels 2) reduce lime stone consumption 3) reduce carbon di oxide emission 4) enhance the speed of construction. He said with NCB supporting the industry and with advent of new technologies we should be able to convert these challenges into opportunities. About the renewable power, he said the industry has potential of producing 50 GW of power. As a word of caution, he said disruption is coming and be ready for it. He added that with solar technology it is possible to get a temperature of 14000 C and carbon capture technology is going to be here. With use of technology; various carbon products can be produced. This will be game changer.
K.K.Maheshwari, Managing Director, UltraTech Cement Ltd. To start with Maheshwari complemented the work done by NCB and Dr. Mohapatra. He appreciated NCB’s efforts in in partnering with industry, protecting the interest of consumers and advising the Government on new developments. He drew attention of the audience to the theme "Clean and Green is sustainable" He said we at UltraTech have been working on sustainability from the year 2005 much before sustainability became the buzz word. He said cement industry in India is proactive and much ahead of time. He said we have been working on four principles of sustainability.
1)environment 2) energy consumption 3) right to operate and right earn for every one and 4) taking care of surroundings, communities. While elaborating on each point he added that we have over a period of time reduced our CO2 emissions by 36 percent and specific energy consumption for per tonne of clinker has been brought down. On both fronts we are much better off compared to world average or even Europe. About AFR, we are at TSR of meagre 4 percent whereas Europe is at 41 percent. We need to work and improve this number. While today; we talk about circular economy which we are practising for long time. Singhiji has said that cement industry has processed 30 million tonnes of waste which is nothing but circular economy. He added that we burn more plastic than any other industry. Regarding environment footprint, he said setting up grinding station close to the market helps in reducing carbon emissions. Talking about renewable energy, Maheswari said, Waste Heat Recovery System should be classified as renewable energy. He further said that generally cement plants are set up in water starved areas. Many of our plants are already water positive. He further added that we should go beyond cement and look into the applications of cement. Cement gets converted into concrete or shapes which is a value addition. He said that we have a very small portion of cement going via ready mix which needs to grow. Our success lies in making such concrete products that have immediate acceptance from the user. About carbon capture technology he had a different thinking. He said the technology demands huge land bank for storage of captured carbon and we as a country are land starved. Therefore before going for such technology, we should think twice. It is not suitable for our country. About the energy cost, he said we already have high energy costs and therefore any reduction in energy consumption has always had a positive impact on the cost structure. He again emphasised that what is good for environment is good for economics.
Anil Agrawal, Jt. Secretary, DPIIT, Ministry of Commerce and Industry. Anil Agarwal initially attempted to put a total picture of Government initiatives before the audience. He talked about the projects like Bharat Mala, Sagar Mala, Expansion in Railway tracks, developments of industrial corridors and Development of new airports, Smart cities and housing for all. All these projects cover the length and breadth of the country. He further said that the construction industry of our country in the next year is going to be of 180 billion US dollars and the growth of construction industry in the next ten years is going to be of the order of 6 to 7 percent. In short he drew a very rosy picture on the construction front. He lauded the efforts of cement industry for energy efficiency and Swachata abhiyan and cement industry helped in processing about 7000 tonnes of plastic waste few months ago. He further asserted that when you visit fortune 500 companies listed in the year 2009 and in 2019, there is only one striking feature, those organisations have survived in 2019, that have continuously innovated. Therefore innovation is not a choice it is must for survival. There are five areas where cement industry needs to innovate. 1) use of energy 2) emissions 3) waste heat recovery system 4) newer sustainable products 5) overall efficiency in the entire production chain. He left the audience with a thought of total captive renewable energy for a cement plant? He raised a concern about the pricing practises followed by the cement industry.
Dr. Guruprasad Mohapatra, Secretary, DPIIT, Ministry of Commerce and Industry. He released the book on seminar proceedings followed by the release of the CD in the soft form. In the inaugural address he appreciated the history of NCB for the last 30 years and also the bi annual event organised by NCB. He mentioned about the reduction in corporate tax and said that it should be a boost for the cement industry. He said the role of cement industry is going to be crucial for development of roads and other infrastructure in taking the Indian economy to 5 trillion mark by the year 2025. He appreciated the plan of cement industry to burn plastic to the tune of 12 million tonnes annually. He emphasised the use of alternate fuels and to take the numbers to higher levels, he suggested adopting best practises from West. He referred about the use of 67 million tonnes of municipal solid waste out of which 20 percent is combustible as a fuel and he proposed that he would look into the logistic problems faced by the industry. He was pleased with target set of 12 million tonnes plastic waste to be processed by the cement industry. Regarding renewable energy, he said he hopes cement industry would extend support to Government’s ambitious target of generating 400 Giga watts of power. He said it is unfortunate that Green tribunal has put a ban on the construction activity in NCR due to pollution problems. He suggested that to find out scientific solutions to such problems. In bound and out bound logistics is an important area where there is scope for lowering the carbon foot print. He said NCB should be proactive in solving the problems of industry. Dr. S.K.Chaturvedi, Organising Secretary gave vote of thanks.
Hon’ble Minister of Commerce and Industry, Piyush Goyal at NCB seminar on 3rd December 2019
By the end of first day proceedings of the seminar, the Hon’ble Commerce Minister Piyush Goyal participated in the event. He released a compendium "The Cement Industry -India 2019." Later on there was a prize distribution to the winners of Energy Efficiency, Environmental and quality excellence. He lauded the cement industry for achieving the world class standards, contributing in nation building and making India proud. He brought to the attention that 40 years back China was behind us but today they have overtaken us and have become number 1 in capacity building and per capita consumption. He then touched upon the social aspects of the day, 3rd December; which happens to be an international day for persons with disabilities. He appealed to the audience to play a role to provide work opportunities to Divyangs. He said considering the number of employment opportunities, collectively we can work together to make their life better and the other sectors of industry can follow the model set by cement industry. He suggested of creating a separate website for the cause. Later on talking about the present time, he said every industry goes through a cycle, when we can sit back; look at the pricing pattern, cost inputs, productivity levels and think of eliminating waste. Every 4 to 5 years; we pass through this phase. The time right now can be used for such exercise. He was concerned about the pollution caused in the entire business chain of cement usage from transport to construction. He suggested industry as whole should collectively work for reducing dust emissions. He further said sustainability is not always at cost but can be profitable also. He proposed to improve the quality of cement in such a way so that less cement is required for the same application and though there may be an increase of cost, it can be offset by saving earned in other areas like packing and transportation. He then emphasised on the use of water and in the years to come water is going to become scares so avoid wasting water. He narrated an example of Railways, about how they managed to save water while washing passenger coaches from 15000 litres per coach to just 300 litres by resorting to mechanical washing from manual cleaning. While talking about the image of the industry, he was not happy, he said perception outside is not good and you need to improve your image and for that you will have to come forward and do something. Outsiders will not help you. He further suggested to the industry to extend insurance cover or a pension scheme to all the direct and indirect employees especially from unorganised sector like loaders, transporters, dealer staff etc. involved in the eco system around you so as to create goodwill about the industry. It will not only build an image of the industry but also will have huge contribution to the nation and its people. Regarding Railways he said his ministry is coming out with a revised scheme of own your wagons for industry which will be more liberal and open so as to bring down the logistic cost. Regarding new developments, he opined that industry must work to bring down the construction time by bringing in new products otherwise you may lose out to steel companies, because steel can replace concrete structures. At the end he said that cement industry is doing yeomen contribution to the nation building and to the people of India.
Indian Cement Review (ICR) and Fuller Technologies brought industry, policy and technology leaders together to discuss how cement innovation can drive green construction at scale, writes Rakesh Rao.
India is building at a pace few countries can match. Highways, airports, housing, logistics parks, industrial corridors and urban infrastructure are reshaping the country’s economic geography. But beneath this growth story lies a difficult question: can India continue to build at scale without locking itself into a high-carbon future?
That question formed the core of an online panel discussion titled “Driving Green Construction Through Cement Innovation”, organised by Indian Cement Review (ICR) in association with Fuller Technologies as the Presenting Partner on June 25, 2026. The webinar brought together experts from cement technology, R&D, global industry platforms, building performance policy and international development cooperation to examine how low-carbon cement and material innovation can accelerate India’s green construction transition.
The discussion came at a crucial time. India has committed to achieving net-zero emissions by 2070 and reducing the carbon intensity of its economy by 45 per cent by 2030. At the same time, the country’s construction sector is expanding rapidly, driven by urbanisation, infrastructure development, housing demand and industrial growth. Cement, as one of the most widely used construction materials, sits at the heart of this transition. It is indispensable to development, but also central to the challenge of reducing embodied carbon in buildings and infrastructure.
Moderated by Nitika Krishan, Senior Urban Infrastructure and Sustainable Policy Consultant, the panel featured:
Dr Hemantkumar Aiyer, VP and Head R&D, Nuvoco Vistas Corp Ltd;
Devika Wattal, Innovation Lead, Global Cement and Concrete Association (GCCA);
Dr Sunita Purushottam, MD, GBPN India (Global Buildings Performance Network); and
Vaibhav Rathi, Senior Technical Advisor, GIZ (the German Agency for International Cooperation)
Setting the tone for the discussion, Nitika Krishan underlined the scale of the challenge before the sector. “The question before us is no longer whether we build, but how we build sustainably,” she said. She pointed out that construction accounts for nearly 40 per cent of global energy-related carbon emissions when both operational and embodied carbon are considered. Cement production, she added, remains one of the hardest industrial processes to decarbonise.
For India, this is not merely an environmental issue. It is a development issue, a competitiveness issue and increasingly, a market issue. As one of the world’s largest cement producers and among the fastest-growing construction markets, India’s material choices will influence the carbon trajectory of its built environment for decades. As Krishan observed, sustainability solutions in economies such as India must not remain limited to laboratory success. They must be scalable, commercially viable and practical at national level.
The innovation gap: From technology to market
Experts believe that there is a need to bridge the innovation gaps for making decarbonisation in cement and concrete scalable. Devika Wattal of GCCA, explained, “The starting point must be the core cement manufacturing process itself. The first and foremost is the heart of our process, the heart of cement manufacturing. How do we reduce clinker? That is always a topic where industry is working very intrinsically.”
Clinker reduction remains one of the most important pathways for lowering emissions in cement. Since clinker production is energy-intensive and chemically emits carbon dioxide, reducing the clinker factor through supplementary cementitious materials (SCMs), blended cements and new chemistries can have a significant impact. Wattal also noted that carbon capture, utilisation and storage (CCUS) will have a role, though it may not be the first lever for all markets.
However, she stressed that innovation cannot stop at technology development. A solution that works in the lab must also be adaptable to industry, scalable in production and acceptable in construction practice. “It is important for that innovation to be adaptable, to be scalable, and so that it can be executed in real time,” she said.
Wattal also called for stronger enabling systems around innovation. These include performance-based standards, product-level embodied carbon databases and clearer frameworks for evaluating green materials. Without these, low-carbon cement products may struggle to compete with conventional materials in procurement and design.
R&D must balance carbon, cost and performance
Bringing in the R&D perspective into the discussion, Dr Hemantkumar Aiyer of Nuvoco Vistas emphasised that low-carbon cement development cannot be treated as a single-variable exercise. Cement must perform in real construction conditions. It must deliver strength, durability, consistency and cost competitiveness, while also reducing carbon.
“The root of understanding and balancing all these aspects lies in materials, and knowing the materials,” he said.
According to Dr Aiyer, R&D teams must understand the variability of raw materials such as fly ash, slag and clinker. Different sources produce different material behaviours. This makes mix optimisation, material characterisation and processing-property relationships critical. When performance is affected, cement manufacturers must understand how strength enhancers, admixtures and other performance chemicals interact with the material system.
He also linked material science with process efficiency. Clinkerisation takes place at extremely high temperatures, around 1,400 to 1,450 degrees Celsius. Any improvement in raw mix design, process control or energy optimisation can, therefore, help reduce emissions and cost. Dr Aiyer pointed to artificial intelligence-based optimisation, Cement 4.0 tools and advanced software as important enablers for real-time process and material control.
“The more you understand the materials, the more you can control it,” he said.
LC3: The promise is proven, the sequencing is not
Limestone calcined clay cement, commonly referred to as LC3, has attracted global attention because it can reduce clinker content significantly by using calcined clay and limestone while maintaining performance in many applications. Kiranmai Sanagavarapu of Fuller Technologies said the technology itself has already moved beyond proof of concept. Fuller Technologies has worked with calcined clay technology for nearly two decades and has seen plants running in France and Ghana. These plants, she said, are meeting local and national specifications, while the economics are beginning to make sense.
“The calciner is performing, the economics is stacking up, it is making business sense to produce,” she said.
But if the technology is viable, why has adoption not scaled faster? For Sanagavarapu, the answer lies in project sequencing. Too often, clay characterisation happens after equipment is specified. This, she warned, is a backward approach because calciner design depends on clay mineralogy, kaolinite content, iron levels, reactivity, moisture and other variables.
“If you don’t know what your deposit looks like before you commit for the equipment, you are, in a way, going blind into designing,” she said.
She also identified permitting and plant integration as major bottlenecks. Environmental clearances, mining permissions and local regulatory approvals must begin early. Similarly, calcined clay must be integrated into existing grinding, blending and logistics systems from the design stage, not treated as an afterthought during commissioning.
India already has IS 18189:2023 standard for LC3, but Sanagavarapu pointed out that the standard is not yet visible enough in procurement documents. “The gap between what is technically being permitted and what the procurement is asking is the single biggest bottleneck,” she said.
In her view, successful scale-up depends on getting the sequence right: clay characterisation first, permitting in parallel, standards aligned with construction, and integration built into plant design.
India’s LC3 journey: Progress, but demand remains thin
Providing details of India’s LC3 commercialisation experience, Vaibhav Rathi of GIZ noted that JK Cement carried out the first commercial production of LC3 at its Rajasthan plant, followed by JK Lakshmi Cement three months later. These initiatives were supported by the International Climate Initiative of the Government of Germany, with IIT Delhi contributing deep institutional knowledge on LC3 research and BIS certification.
Rathi said India’s early experience has produced clear lessons. One of the biggest was the need to build capacity among regulators. While BIS certification existed, State Pollution Control Boards were unfamiliar with the technology and unsure about the approval pathway.
“The capacity building is not just needed amongst the producer and the users of the cement, but also the regulators who are working with this technology for the first time,” he said.
He also highlighted the need for better information on China clay deposits. Since China clay is currently classified as a minor mineral, centralised data on availability, quality and location is limited. If cement manufacturers are to adopt LC3 at scale, stronger mineral intelligence will be important.
The third issue is demand. LC3 has already been used in projects such as Palava City in Mumbai and Noida International Airport, but these remain limited examples. “It is in a chicken and egg situation,” Rathi said. “Cement companies are saying we need more demand, and users are saying there is not enough cement available.”
Public procurement, he suggested, could help break this cycle. If agencies such as CPWD and other public bodies begin testing, accepting and specifying LC3, it could create the market confidence needed for cement companies to invest in production and storage.
Building codes must catch up with innovation
Dr Sunita Purushottam of GBPN India argued that material choices will determine built environment emissions over the long term, but India’s current policy signals remain fragmented. Although LC3 has received BIS recognition, she pointed out that building codes, municipal bylaws, schedules of rates and sustainability codes do not yet provide uniform guidance on low-carbon cement.
“The current cement regulations are largely prescriptive and favouring traditional materials,” she said. This limits the ability of alternative materials to compete on performance, durability and emissions.
Dr Purushottam also raised the issue of taxation. Cement, including LC3, currently falls under the same GST bracket as conventional cement. A differentiated tax structure, she argued, could help accelerate market adoption. “In order for the market to demand LC3, that differentiation in the GST could go a long way,” she said.
She noted that green building certifications such as IGBC and GRIHA are already creating demand for low-carbon materials by assigning points for embodied carbon and sustainable material use. However, she said large-scale adoption will require regulatory mandates, particularly through building codes and state-level notifications.
She also cautioned that low-carbon cement alone does not solve the entire building performance problem. A material may reduce embodied carbon, but the operational carbon of a building depends on thermal performance, design, insulation and energy use. “The energy part has two elements,” she said. “One is the embodied carbon of the material itself, and the other is the operational carbon.”
Collaboration is the bridge between invention and impact
Wattal said GCCA sees innovation as a strategic priority and works through platforms that connect industry with academia and start-ups. “There is no way we will decarbonise our sector without innovation,” she said.
However, she stressed that research must be connected to actual industry challenges. Innovations developed in isolation may fail when they encounter real-world barriers such as raw material variability, plant integration, cost, standards and finance. Start-ups, too, need industry mentorship and scale-up pathways.
Wattal also flagged the importance of finance. Even strong technologies may struggle to attract investment if there is no common understanding of bankability. “We have always put projects into, is this a bankable project? But the definition of a bankable project has never been defined,” she said.
For India, she saw strong potential in its academic and start-up ecosystem, but said the challenge lies in alignment and prioritisation. The country has the research base, industrial capacity and market size. What it now needs is a coordinated route from innovation to deployment.
There is a practical concern for cement manufacturers: how can existing plants be adapted for lower emissions without compromising reliability or commercial viability?
Kiranmai Sanagavarapu addressed, “The reliability risk in calcined clay retrofit is definitely real, but it is almost always self-inflicted. The risk arises when a new process is added to an existing circuit without properly redesigning grinding and blending configurations.”
Existing cement plants, she explained, can take two broad routes. The first is external sourcing of calcined clay combined with mill optimisation. This requires lower capital investment and can potentially move in 12 to 18 months if other conditions are in place. It may reduce emissions by around 20 to 30 per cent. The second route is integrated calcination on site, which requires higher capital expenditure and longer lead times, but provides greater control over quality, supply and emissions reduction potential.
For Sanagavarapu, the principle is simple: low-carbon retrofits must be designed with intent. “Design it with an intent properly from the start. Start in the market conditions where the economics are already working,” she said.
Circularity: The overlooked advantage
According to Vaibhav Rathi, fly ash and slag are already well established in cement and construction (C&D), but construction and demolition waste remains underutilised. “C&D waste is a growing business opportunity which not many have taken up,” he said. India’s continuous construction and demolition activity creates huge volumes of waste, much of which contributes to air pollution, land degradation and material inefficiency. With the right processing and standards, this waste can be converted into useful construction products.
Rathi also pointed out that LC3 has a circular economy dimension that is often overlooked. It can use low-grade kaolin-rich clay left behind after high-grade clay is extracted for other applications. “LC3 is not only a low-carbon solution, but also a circular economy solution,” he said.
At the same time, he cautioned that LC3 in India is not yet cheap because it has not reached scale. Site-specific techno-commercial feasibility studies, supported jointly by development agencies and industry, could help companies assess whether LC3 production makes technical and financial sense at a given location.
Dr Purushottam added that India must address both low-carbon cement and construction waste together. “Both low-carbon cement and C&D waste go hand in hand. India does not have an option but to work on both,” she said.
Dr Aiyer called for policy shifts from both government and industry, including preferential purchasing of sustainable materials, minimum supplementary cementitious material requirements in public and public-private projects, and faster regulatory implementation. “If we can fast-track the regulatory standards and their implementation on the ground, that is the way to go,” he said.
From green ambition to green construction
Cement innovation is no longer only about chemistry. It is about systems. Low-carbon cement will scale only when technology, standards, procurement, finance, regulation, education and construction practice move together.
LC3 and other low-carbon technologies have shown promise. India has early commercial examples, strong research capability and growing market interest. But mainstream adoption will depend on whether demand can be created, regulators can be capacitated, standards can be embedded in procurement, and manufacturers can see a clear business case.
For a country building at India’s scale, the opportunity is enormous. Cement will continue to be central to infrastructure and urban development. The challenge now is to ensure that the cement used in India’s growth story carries a lower carbon burden.
Rakesh Rao
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JK Cement gained after being declared preferred bidder for the Gilund Limestone Block in Chittorgarh, Rajasthan, a lease area of 370.96 hectares. The firm saw its shares trade at Rs. 5550.05, up by 28.45 points or 0.52 per cent from the previous close of Rs. 5521.60 on the BSE. The scrip opened at Rs. 5569.15 and touched a high of Rs. 5625.00 and a low of Rs. 5531.00.
The stock recorded turnover of 1742 shares on the counter and the BSE group A stock with face value Rs. 10 has a 52 week high of Rs. 7565.00 on 20-Aug-2025 and a 52 week low of Rs. 4670.05 on 12-Jun-2026. Last one week high and low stood at Rs. 5625.00 and Rs. 5329.00 respectively. The promoters holding in the company stood at 45.66 per cent, while institutions and non-institutions held 40.61 per cent and 13.73 per cent respectively.
The e-auction conducted by the Government of Rajasthan resulted in the company being declared preferred bidder for the mining lease, and the allocation will enable the company to plan phased development of the deposit, subject to regulatory approvals. The Gilund block spans 370.96 hectares and its allocation is intended to support raw material security for the company’s cement operations in the region. The designation follows the government auction process and will allow the company to plan development and integration of the deposit into its supply chain.
The current market capitalisation stands at Rs. 430.38 billion (bn), reflecting market response to the mining news and prevailing valuation levels for the sector. Investors and analysts will watch for formal allotment and related disclosures that can clarify timelines, capital expenditure and expected production profiles. The report is intended for informational purposes and does not constitute investment advice, and market participants are advised to consult advisers before making decisions.
Star Cement has been declared the preferred bidder for the mining lease for Boro Lakhindong West Block following e-auctions conducted by the Government of Assam. The block is located in Boro Lakhindong Village, Umrangso Tehsil, Dima Hasao District, Assam, and extends over an area of 123 hectares. The estimated limestone resource is 207.822 million (mn) tonnes (t), a quantity that will supply raw material for cement production and support the company’s manufacturing operations in the region.
The company is engaged in the manufacturing and selling of cement clinker and cement and distributes products across the north-eastern and eastern states of India. Star Cement operates plants and logistics networks that procure and process limestone to produce clinker for cement, and the addition of Boro Lakhindong is presented as a strategic enhancement of feedstock availability. The preferred bidder status secures rights to the specified lease area under the terms of the auction process.
Financial results for the company in the fourth quarter of fiscal year 2026 showed a consolidated net profit rise of 20.24 per cent to Rs 1,481.0 mn on an 11.54 per cent increase in revenue to Rs 11,735.5 mn compared with the corresponding quarter of the previous year. Those results reflected higher sales volumes and revenue growth in the company’s primary markets and are cited in company disclosures accompanying the lease announcement. The reported performance provides context to the company’s ability to pursue and finance new mining lease opportunities.
Market reaction to the declaration was modest, with the scrip rising zero point thirty six per cent to trade at Rs 212 on the BSE. The award of the Boro Lakhindong lease concludes the e-auction process for the west block and assigns operational rights to Star Cement as the preferred bidder, subject to completion of statutory and contractual formalities.
