Economy & Market

Change is the only constant in life, but….

Published

6 years ago

January 10, 2020

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Life is all about change, management schools run special courses on "Change", change is synonymous with progress, those who cannot adapt to the fast changing world are expected to perish, and this is true for individuals like us, for organisations, and for countries and nations as well. In fact, it has become an oft-repeated adage that "Change is the only Constant in Life"! Specially, in the last 20 years, with the advent of digital revolution in the world, change has accelerated in our lives, and also all around us, and we are having to accept and adapt continuously.

Personally, we do not like things to remain static, and love to have new and new things all the time in place of old, like new books, new movies, new clothes, new friends, new food, new places, everything new. But, at another plane, when it comes to internally changing ourselves to accept and learn new ways of doing things, for example new business processes, we resist change and tend to cling to traditions and established practices. In short, we want everything to renew and change, excepting ourselves. "Change" is a very interesting topic, it can be quite complex particularly when we transgress into behavioural aspects of change, and volumes have been, and will be written on it.

What about "change" in the context of project management? Good project managers dislike changes in the execution phase of projects. Truly, any amount of discussion and debate on changes in scope of a project is good in the planning phase, because it helps integrate the expectations of all stakeholders. But once the project execution commences, with tight accountability on time and cost of completion, we should avoid the propensity of making frequent changes in scope. In fact, in an ideal world, changes should be banned after the zero date has passed, but this cannot be implemented in actuality, because sometimes disruptive changes in technology, market, community, etc., taking place after the project has started, makes it an imperative to consider corresponding and commensurate changes in scope of the project. Therefore, we in project management parlance have designed rigorous processes for "change management", to deal with such eventualities.

Over the years, change management in projects has become a large subject, dealing with the process of initiating, recording, considering, analyzing, and approving all kinds of changes in the context of a project, small and big, be they in the areas of scope, financing, project team, implementation strategy, articulation of deliverables, contracts, et al. Professional project managers deploy very robust change management Processes to ensure that only the very deserving "changes" pass through the gate, and even if they do, these are well-documented for posterity. To refuse to even consider any change at all, can turn out to be wrong (in exceptional cases) when a great technological or market opportunity would be lost for such dogged refusal. Hence, the need for an elaborate process for change management is fully justified.

During my days in project management, we used to be very sensitive about changes. I always believed that the easiest way to filter changes proposed, was to evaluate financially (and otherwise) the benefits of the proposed change, and weigh that against its possible quantified impact on time and cost overruns, (both over the life-cycle of the project) and then take an objective decision in the interest of the stakeholders. This is nothing but simply the age old "cost-benefit analysis"! Believe me, all such numbers can be computed in all situations, with some assumptions/approximations needed on some occasions! But in all cases, we used to clearly record impact of such changes for all round awareness and to maintain a balanced perspective.

In one cement project we were doing, a very good suggestion came halfway through the project, that a few months can be saved if we were to switch to a slip-form concrete design of the pre-heater tower; as some of us will know, construction of the pre-heater is the critical path of a cement project, and three months saved there is equivalent to pruning three months form project time duration. We quickly went through the presentations by prospective contractors, and did our math on that basis, and found that these options will cost higher, but will save more in terms of time. But we felt that the difference, i.e., the net benefit to the project, was not significant enough to adopt a relatively untried methodology having some downside risks and uncertainties. However, we made it a point to capture our considerations in the form of a short report, such that in future the same technology may be reconsidered, with due preparations to manage the uncertainties. I cited this example here to communicate that it is important to consider changes proposed, but it is more important to consider the same objectively, keeping aside emotions and biases, relying on numbers.

All the examples that we broached in one of the earlier issues, on political interferences in projects, are actually major changes brought about into projects at a late stage, without adequate objective consideration, without application of any change management "gate" or processes. As we know by now, this has grievous consequences on viability of the project(s), and ultimately the stakeholders have to pay for such follies, knowingly or unknowingly. Our dismal history of public governance bears mute testimony to this painful reality.

When will this "change"? Who will "change" this malady? While we wait, as project managers, let us be sure to apply rigorous change management filters for our project. And, may be, extend this concept of evaluation also to"changes" that confront us in our lives, our jobs, our environments.

– SUMIT BANERJEE

Concrete

Cement Makers Reaffirm Commitment to Sustainable Growth

Published

1 week ago

June 5, 2026

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World Environment Day spotlight on innovation and circularity

On World Environment Day, the Indian cement industry reiterated its commitment to supporting India’s climate ambitions through sustainable manufacturing, resource efficiency and the adoption of cleaner technologies.

The Cement Manufacturers’ Association (CMA) said the sector remains aligned with the Government of India’s Net Zero commitments and is accelerating efforts to reduce its environmental footprint while supporting the country’s infrastructure and development agenda.

Parth Jindal, President, CMA and Managing Director, JSW Cement, said the industry is increasingly adopting cleaner technologies, improving energy efficiency and expanding the use of alternative fuels and raw materials. He also highlighted the growing importance of circular economy practices, where industrial by-products and waste streams from one sector are utilised as resources in another.

“The Indian Cement Industry is aligned to the Government’s commitments on carbon mitigation and is accelerating the adoption of cleaner technologies, resource efficiency and circular economy practices while actively exploring the potential of Carbon Capture, Utilisation and Storage (CCUS) as a critical pathway for deep decarbonisation,” said Jindal.

He added that coprocessing industrial waste and by-products helps conserve natural resources, reduce disposal requirements and lower the environmental footprint across multiple sectors.

According to Jindal, sustainability is no longer limited to manufacturing processes but is increasingly influencing investment decisions, innovation strategies and long-term growth plans within the industry.

Echoing similar views, Dr Raghavpat Singhania, Vice President, CMA and Managing Director, JK Cement, said sustainable development extends beyond emissions reduction and must also focus on responsible resource utilisation and waste minimisation.

“Sustainability in the built environment cannot be measured by emissions alone. It is equally about how efficiently we use resources, how effectively we minimise waste and how responsibly we create the infrastructure that will serve future generations,” said Singhania.

He noted that the cement industry is advancing its sustainability agenda through greater resource efficiency, increased circularity, technological innovation and continuous improvements in manufacturing practices. As a key contributor to India’s infrastructure development, the sector has a critical role to play in balancing economic growth with environmental responsibility.

On the occasion of World Environment Day, industry leaders reaffirmed their commitment to supporting India’s climate goals while delivering the materials required for resilient, durable and sustainable infrastructure.

Concrete

Building a Greener Future Together

Published

1 week ago

June 4, 2026

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Environmental sustainability requires immediate action, not just long-term commitments and discussions. Recycling, circular economy practices, and technology-driven waste management can help industries reduce environmental impact while supporting sustainable growth.

Author: Jignesh Kundaria, Director and CEO, Fornnax Technology

World Environment Day serves as an important reminder that environmental sustainability can no longer remain confined to discussions, reports, or long-term commitments. The environmental challenges facing the world today demand immediate, measurable, and collective action. Across industries and communities, waste generation continues to outpace our ability to process it responsibly, placing increasing pressure on ecosystems, natural resources, public health, and the well-being of future generations.

One of the most significant shifts required today is a change in how society perceives waste. Rather than being viewed as a material to be discarded, waste must be recognised as a valuable resource that can contribute to both economic growth and environmental protection when managed through the right technologies and systems. This mindset forms the foundation of the circular economy model that countries across the world are increasingly adopting to reduce landfill dependence, recover valuable materials, and create more sustainable industrial ecosystems.

India has made meaningful progress in strengthening awareness around sustainability, recycling, and environmental responsibility over the past decade. Significant efforts are being made to formalise the recycling sector through improved infrastructure, technology adoption, policy implementation, and broader stakeholder participation. These developments are creating a stronger foundation for responsible waste management and resource recovery across the country.

However, achieving long-term environmental impact requires collaboration from all stakeholders. Industries, policymakers, technology providers, and communities must work together with greater accountability to strengthen recycling ecosystems, encourage responsible waste management practices, and create sustainable outcomes through consistent execution rather than temporary interventions.

As someone closely associated with the recycling industry, I firmly believe that technology will play a decisive role in addressing future environmental challenges. Advanced recycling systems have the potential to recover valuable resources, reduce pollution, minimise landfill burdens, and conserve energy, creating a more sustainable future for generations to come. This belief is deeply reflected in Fornnax’s motto, “Committed to Create a Green Future,” which embodies our commitment to building long-term environmental value through innovation and responsible action.

At the same time, technology alone cannot deliver meaningful change. Real progress requires intent, awareness, participation, and a shared sense of responsibility. Sustainable development can only be achieved when innovation is supported by collective action and a genuine commitment to environmental stewardship.

On this World Environment Day, let us move beyond conversations and take meaningful steps towards creating a cleaner, greener, and more sustainable planet. By embracing innovation, strengthening recycling ecosystems, and acting responsibly today, we can create lasting environmental impact and secure a better future for generations to come.

Concrete

Dalmia Bharat Acquires Jaiprakash Associates Cement Assets for ₹2,850 Crore

Published

3 weeks ago

May 25, 2026

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Dalmia Cement executed a Business Transfer Agreement with Jaiprakash Associates and Adani Infra, to acquire 5.2 MnTPA of cement capacity across Madhya Pradesh and Uttar Pradesh.

Dalmia Cement (Bharat) announced on May 22, 2026 that it had signed a Business Transfer Agreement with Jaiprakash Associates Limited and Adani Infra (India) Limited for the acquisition of cement plants located at Rewa in Madhya Pradesh and Churk, Chunar and Sadwa in Uttar Pradesh. The deal was struck at an enterprise value of ₹2,850 crore and is expected to close within two weeks of execution.

The acquired assets from Jaiprakash Associates include 5.2 MnTPA of cement capacity and 3.3 MnTPA of clinker capacity. The package also covers 99 MW of thermal power capacity and railway sidings at Rewa, Chunar, and a common siding at Churk. This infrastructure gives the acquisition immediate operational utility beyond just production tonnage.

The transaction has a long backstory. Dalmia Cement had originally entered into a framework agreement with Jaiprakash Associates in December 2022, covering the sale of these business assets along with a long-term clinker supply arrangement. However, before the deal could be completed, Jaiprakash Associates was admitted to insolvency proceedings under the Insolvency and Bankruptcy Code. The earlier agreements could not be consummated as a result.

In an official statement, Puneet Dalmia, Managing Director & CEO, Dalmia Bharat, said, “I am very excited about addition of these assets in our portfolio. This serves as a great strategic fit for Dalmia. It helps us move forward in our journey to be a pan India player and provide a strong head start to serve the high potential markets in Central region. I am optimistic that the expansion potential of these assets along with close proximity with Dalmia’s captive mines will help us create a capacity hub for the future”.

Following the approval of Adani Group’s resolution plan for Jaiprakash Associates under the IBC framework, Dalmia approached the new management to revive discussions. The fresh Business Transfer Agreement was executed to settle all pending disputes, legal proceedings, and arbitration matters arising from the original framework agreement with Jaiprakash Associates.

Expanding market reach

Dalmia added, “Our familiarity with these assets under the earlier tolling arrangement gives us a deep understanding of the facilities and helps us establish strong connect with channel partners and vendors. We believe that this will help us in faster ramp up of capacities and quicker inroads into the market. As we look forward, I am very confident that we will be able to leverage the strengths of Dalmia to operate these assets in a manner where we can maximise value creation for all our stakeholders.”

With the addition of these plants, Dalmia Bharat’s total installed cement capacity will rise to 54.7 MnTPA upon consummation. The company has further expansion projects underway at Belgaum, Pune, and Kadapa, which are expected to take overall capacity to 66.7 MnTPA by Q2 to Q3 FY28.

The Central India location of the Jaiprakash Associates plants gives Dalmia Bharat faster access to markets in Madhya Pradesh and Uttar Pradesh than a greenfield build would have allowed. The company also cited debottlenecking and brownfield expansion as near-term opportunities at the acquired sites. Dalmia Bharat said the assets were expected to contribute positively to EBITDA and overall returns, given the pricing environment in the region and the company’s cost structure.