Connect with us

Concrete

Madras HC orders CBI probe into ‘artificial cement scarcity, price fixing’

Published

on

Shares

The Madras High Court ordered a CBI enquiry into allegations of creating an artificial scarcity of cement. On hearing the petition filed by the Class I Contractors Welfare Association on Wednesday, Justice Bhavani Subbarayan directed CBI counsel Srinivasan to ??ake notice,??conduct an enquiry and file a report on June 3.

CBI to register an FIR against nine cement companies including ACC, India Cements, Ramco Cements, Ultra Tech Cement, and Lafarge for creating artificial scarcity and increasing the price to derive gains from the public and contractors. In Tamil Nadu, a bag of cement that cost Rs 385 in July 2019 now sells at Rs 420-430. This increase in the price was not based on any increase in the cost of the manufacturing materials, it claimed.

The petition said that for unlawful gains, Cement Manufacturers??Association is continuing with their unlawful acts of creating false scarcity and increasing the price through the act of cartelisation. The price of cement is rising faster than input prices and the supply of cement to the market is controlled through a tacit agreement. The manufacturers have indulged in collusive price-fixing.

‘Cement prices may go up if input cost continues to rise’: India Cements MD N Srinivasan

N Srinivasan, Vice Chairman and Managing Director of India Cement Ltd, said that the company expects cement prices to increase if the input cost continues to rise. He said that there is improvement in demand for cement in Western and Northern Indian, where lockdown is gradually being eased.

Srinivasan said that despite the second wave, the company will stick to its capital expansion plans. He is hopeful that the lockdown restrictions will be eased by mid-June, after which pent up demand will drive sales and growth.

It is noteworthy that in the fourth quarter, the cement sector witnessed a steep hike in the prices of input materials like fuel and petroleum products. Srinivasan said that if there is an increase in the input cost, we will have to increase the price.

He further added, ?? do not think there is a need to rethink the business and expansion plan for the current financial year, which includes Rs 600 crore debt reduction unless something really drastic comes up. So our capital expenditure will continue.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

thyssenkrupp Polysius, SaltX partner for electrified production

Published

on

By

Shares

thyssenkrupp Polysius and Swedish startup SaltX have signed a Letter of Intent (LOI) to co-develop the next generation of electrified production facilities, advancing industrial decarbonisation. Their collaboration will integrate SaltX’s patented Electric Arc Calciner (EAC) technology into thyssenkrupp Polysius’ green system solutions, enabling electric calcination, replacing fossil fuels with renewable energy, and capturing CO2 for emission-free production. Dr Luc Rudowski, Head of Innovation, thyssenkrupp Polysius, emphasised that this partnership expands their portfolio of sustainable solutions, particularly in cement, lime, and Direct-Air-Capture (DAC). Lina Jorheden, CEO, SaltX, highlighted the significant CO2 reduction potential, reinforcing their commitment to sustainable industrial processes.

Continue Reading

Concrete

Terra CO2 secures $82m to scale low-carbon cement technology

Published

on

By

Shares

Terra CO2, a US-based sustainable building materials company, has raised $82 million in Series B funding, co-led by Just Climate, Eagle Materials and GenZero, with continued support from Breakthrough Energy Ventures. The investment will accelerate the commercial deployment of Terra’s OPUS technology, enabling the construction of multiple production facilities across North America and Europe. With the cement industry responsible for 8 per cent of global CO2 emissions, Terra’s solution provides an immediate, scalable alternative using abundant raw materials that integrate seamlessly with existing infrastructure. The company has secured key partnerships, including a deal with Eagle Materials for multiple 240,000-tonne plants.

Continue Reading

Concrete

Titan Cement Group enters South Asia

Published

on

By

Shares

Titan Cement Group has expanded into the South Asian market through a joint venture with JAYCEE, an India-based producer of supplementary cementitious materials. Titan will hold a majority stake in the newly formed company, Atlas EcoSolutions, which will focus on sourcing, processing, marketing, and distributing SCMs globally. This initiative aims to support sustainable construction by promoting alternatives to clinker-based cement. Jean-Philippe Benard, Head of Supply Chain and Energy Development, emphasised that the venture aligns with Titan’s strategy to lead in low-carbon building materials while reinforcing its commitment to sustainability and innovation. The move strengthens Titan’s position in a high-growth market while ensuring long-term access to SCMs.

 

Continue Reading

Trending News

SUBSCRIBE TO THE NEWSLETTER

 

Don't miss out on valuable insights and opportunities to connect with like minded professionals.

 


    This will close in 0 seconds