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Your email address will not be published.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

CCU testbeds in Tamil Nadu

Published

on

By

Shares

Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

Image source:https://www.heavyequipmentguide.ca/

Continue Reading

Concrete

JSW Cement gears up for IPO

Published

on

By

Shares

JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

Continue Reading

Concrete

Cement industry to gain from new infrastructure spending

Published

on

By

Shares

As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

Image source:https://cementplantsupplier.com/cement-manufacturing/emerging-trends-in-cement-manufacturing-technology/

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

    This will close in 0 seconds