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Economy & Market

Market Watch (October-2013)

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Cement stocks underperform Cement stocks have corrected sharply over the past couple of months, due to growing macro concerns over weakening GDP growth, low infra and realty spends, and unbridled INR depreciation, further dimming the outlook for cement demand. INR depreciation is likely to increase costs (fuel and freight) for cement companies, though their limited US$ debt exposure insulates the balance sheet. While the rupee has corrected upwards against the USD, its sustainability is still in doubt.

Q1FY14 lower EBITDA/tonne
Cost remained flattish to moderately higher in Q1FY14 with marginal push in energy cost and raw material cost coupled with negative operating leverage. Due to the high base of last year, EBITDA for companies dipped in the 18% – 31% range. The current quarter too, is high base and with no improvement in demand and prices so far, earnings are expected to be disappointing in Q2FY14 as well.

Increased clinker consumption
Clinker consumption in the cement manufacturing process typically goes up during periods of high moisture content such as the monsoons. Early monsoons this year have driven clinker consumption higher YoY in Q1FY14, leading to an increase in power and fuel cost per tonne for manufacturers.

Coal India pricing
Effective June 2013, Coal India increased prices of C, D and E-grade coal by ~10%, while lowering prices for Grades A and B by a similar percentage (~12%). A major chunk of domestic coal purchased by the cement industry constitutes C, D and E-grade coal, which is used both for cement manufacture and for captive power generation. Further, higher petcoke prices would have also impacted fuel costs. However, the recent decline in e-auction prices could bring partial relief to major players.

Higher freight cost from rail surcharge
The Indian Railways increased rail freight by 5% effective 1 April, leading to higher landed cost of coal for manufacturers.

Pricing power holds key
Pricing power is essential for the companies to improve profitability. During the first quarter, while ACC saw flat volume growth, UltraTech and Ambuja saw their volumes decline by three per cent each, compared to the year ago quarter. The per- tonne realisations declined five-seven per cent for most companies, with the exception of UltraTech that saw flat realisations.

Diesel price hike
State-owned oil companies demanded a one-time steep increase in diesel prices to make for the widening losses, with the value of rupee dropping by 12 per cent against the US dollar making imports costlier. In the first week of September, diesel prices were increased by 50 paise a litre, excluding local taxes. The increase in diesel prices was the eighth since January. This recent diesel price hike will increase freight costs for ACC, Ambuja, India Cements, UltraTech and Grasim by Rs.70-100/tonne. Since, diesel is mainly used for transportation of cement and raw materials like coal and fly ash, industry experts say it will be adding up to the cost of sales and not the production cost. Taking into account the costs involved in transportation in terms of per- tonne- per- kilometre, on industry´s level it would result in a hike of Rs 1 on a 50 kg bag of cement. Transportation of cement through road accounts for 55 per cent while the rest is shipped largely by rail and to some extent, by sea. Companies will have to pass it on to consumers..

As and when the government bites the bullet and raises diesel prices at one shot, cement companies will have to take more of a burden. Limited visibility on recovery of the investment cycle could continue to dampen the prospects of demand revival. Cement is among the sectors that can see downgrades as the RBI is unlikely to reverse its tightening stance in a hurry and government spending cuts are likely. A good monsoon is expected to bring some respite as cement demand may start improving in October. Volumes are expected to rise in the second half, led by election-led government spending. Now with the INR free-fall resulting in a higher oil subsidy burden, government capital spending may not increase appreciably in H2FY14. Reduced odds of cheaper funding in the system also put in question any sizeable increase in private investments during H2FY14..

While there are no signs of a recovery in demand due to absence of corporate capex and low infra spend, companies will need to further improve efficiencies in order to minimise the impact of weak cement prices. Additionally, with cash flows being impacted in the near term due to challenging macro environment, there will be a slowdown in new project announcement, especially from regional players..

UltraTech Cement, a Birla group company, is our preferred exposure in the large-cap cement space. One, its all-India exposure helps negate fluctuations in offtake and prices in regional markets. Two, the company is growing sales by expanding its market reach. Three, the company controls its costs well, a key advantage in the current scenario of high input costs and drop in realisation for cement players..

ACC – highlights:
ACC is coming up with a Rs.600- crore cement plant in Kharagpur town of West Bengal. It has started the construction for the new unit. The new cement factory will start production after three years and it would produce 15 lakh tonnes of cement daily. It is also planning to invest Rs.3,000 crore to expand its capacity by nearly four million tonnes a year in three eastern region States in the next three years.

ACC plans are afoot for expanding capacities at two existing plants Jamul in Chhattisgarh and Sindri in Jharkhand – the company expects to start construction of a 1.5 million tonne grinding unit at Kharagpur by next January next. The company plans to increase its capacity 10 mt a year from the existing 6 mt a year in three years in the east. This will entail an investment of about Rs.3,000 crore. The projects will be financed through internal accrual.

UltraTech Cement – highlights:
UltraTech Cement announced acquisition of Jaiprakash Associates´ cement assets in Gujarat (4.8 mTPA) for ~Rs 38billion (US$125/t). This is not a big climb-down from a year ago, when media reported likely valuation of Rs 42billion. However, there are definite positives:

1)Removal of a substantial volume-driven competitor,
2)Addition of 4.8 mTPA at ~Rs 8,000/t which can generate ~Rs 550/t of EBITDA straightaway in UTCEM´s hands,.
3)Limestone reserves worth 90 yrs at present capacity and option to scale up substantially in Kutch. Given its own substantial capex commitments (~Rs 78bn in FY14-15), the leverage (0.41x net D/E in FY14E) may border on uncomfortable.
Breakeven requires an EBITDA/t of ~Rs1,200, and the deal will result in EPS dilution for sure.

Concerns
Additional capacities coming on stream and/or fall in growth of demand could lead to decline in cement prices and in turn, lower realisations. There could also be a pressure on margins, which may have to be offset by control in costs. Rise in input costs like coal, slag, fly ash and gypsum could put pressure on margins as could increase in freight costs. Final resolution of the Competition Commission´s order if negative, could impact ACC´s and UTCL´s cash flows and profits. The latest restructuring proposal by Holcim could impact valuation of ACC in the interim.

Conclusions
CY13 could remain a challenging year due to a slowdown in demand, rise in cost pressure and inability to pass on the hike fully to consumers led by weak demand. Demand has continued to remain sluggish at the pan-India level during June-July. UTCL still has been the best performing large cap cement stock with outperformance of 16% in the last one year. As Ultratech is one of the most geographically diversified players in the Indian cement space, it could be the least impacted from ongoing slow-down seen across the industry.

Further, UTCL is valued the lowest in terms of EV/ton among its peers. On the back of weak topline growth trends, inability of the company to pass on any increase in operating expenses would lead to continued pressure on near-term EBITDA margins. The proposed deal of Holcim´s ownership in both ACC and Ambuja may result in UTCL enjoying premium valuations in the sector. However, a sharp revival in profitability is needed for UTCL stock price to perform.

Disclaimer: This document has been prepared by HDFC securities Limited. Publishers of ICR or HDFC securities Limited do not represent that it is accurate or complete and it should not be relied upon as such.

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Economy & Market

The Road Ahead Begins Here

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The future of India’s roads took centrestage at RAHSTA Expo 2026, where policymakers, contractors and industry leaders came together under one roof. The event blended thought leadership, technology showcase and industry recognition into a single powerful platform.

India’s roads and highways community gathered in full strength at the Jio World Convention Centre, Mumbai, for the 16th edition of the RAHSTA Expo (Roads and Highways Sustainable Technologies & Advancement). Over two action-packed days, the event brought together policymakers, contractors, consultants, developers, equipment manufacturers, material suppliers, technology providers and investors to deliberate on the future of India’s ,infrastructure while showcasing the latest innovations driving the sector.

The event culminated in the prestigious RAHSTA Awards, where Shri. Ajay Tamta, Union Minister of State for Road Transport & Highways, felicitated organisations and professionals for their outstanding contributions to road construction, engineering, safety, sustainability and technology. With leading contractors, senior government officials, industry veterans and technology providers under one roof, the event reaffirmed RAHSTA’s position as one of India’s most influential platforms for the roads, highways, bridges and tunnels ecosystem.

Organised by FIRST Construction Council in association with ASAPP Info Global Group, RAHSTA has steadily evolved beyond an exhibition into a platform where policy, technology, engineering and business converge to address the opportunities and challenges shaping India’s next generation of transport infrastructure.

Beyond expansion, towards value

The conference opened with a thought-provoking address by Pratap Padode, Founder and Editor-in-Chief, Construction World, who observed that India’s highways sector has reached an important inflection point. Introducing this year’s theme – ‘From Expansion to Value: The Next Phase of India’s Highways’ – he noted that while the country has successfully expanded its road network over the past two decades, the industry’s priorities are now shifting towards building infrastructure that delivers greater lifecycle value, durability, safety and operational efficiency. With funding pressures, asset monetisation and evolving project models changing the sector’s dynamics, he said the focus must now move beyond kilometres constructed to the quality and long-term performance of every asset.

Dr Brijesh Dixit, Managing Director, Maharashtra State Infrastructure Development Corporation (MSIDC), reminded delegates that successful infrastructure delivery is ultimately a collective effort. Emphasising on collaboration between government, industry and engineering professionals, he remarked, “There is no loser in a winning team, and there is no winner in a losing team,” urging stakeholders to work together to deliver projects with quality, financial sustainability and technological excellence.

Delivering the keynote address, Bidur Kant Jha, Director, New Technologies for Highway Development, Ministry of Road Transport & Highways (MoRTH), outlined the Government’s long-term vision for India’s highway network. Highlighting the country’s 6.26 million km roads network, he spoke about the growing adoption of digital planning tools such as BIM and GIS, bridge health monitoring systems and Integrated Smart Transport Corridors under the Vision 2047 roadmap. He emphasised that while India remains open to global innovations, every new technology must be adapted to Indian conditions before large-scale deployment.

Addressing the gathering during the awards ceremony, Tamta underlined the increasing role of specialised equipment and modern construction technologies in executing complex infrastructure projects across diverse terrains. Referring to challenging tunnel projects in Uttarakhand, he noted how advanced machinery has transformed execution capabilities, while also acknowledging the rapid evolution of Indian contractors into globally competitive infrastructure companies. Recognising excellence through industry awards, he said, motivates organisations to continually raise performance standards and embrace innovation.

Meanwhile, Dr Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA, highlighted that infrastructure development must increasingly focus on integrated urban mobility. Reflecting on Mumbai’s engineering journey – from its historic underground utility network to the Coastal Road and other transformative projects – he underlined that future infrastructure planning must seamlessly integrate roads, metro systems and public transport to create efficient, multimodal cities.

Uttar Pradesh takes centrestage

One of the highlights of the second day was Uttar Pradesh’s comprehensive presentation on its infrastructure-led industrial transformation.

Srihari Pratap Shahi, IAS, Additional CEO, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), demonstrated how the state’s expanding expressway network is evolving into a catalyst for industrial development through integrated manufacturing and logistics clusters. Expressways, he noted, are no longer merely transport corridors but engines of economic competitiveness.

Building on this narrative, Deeksha Jain, IAS, Additional Chief Executive Officer, Uttar Pradesh State Industrial Development Authority (UPSIDA), showcased the state’s rapidly expanding industrial ecosystem supported by extensive expressway connectivity, dedicated freight corridors, airports, industrial townships and investor-friendly policies. She highlighted Uttar Pradesh’s strong manufacturing growth, expanding industrial land bank, plug-and-play infrastructure and increasing use of digital governance to facilitate investments.

Further underlining the significance of the platform, Deepak Kumar, IAS, Infrastructure & Industrial Development Commissioner, Government of Uttar Pradesh, remarked, “RAHSTA provides an excellent platform for states to showcase our infrastructure progress and investment ecosystem. Uttar Pradesh has transformed significantly over the past decade, backed by more than 34 investor-friendly industrial policies, and platforms like RAHSTA help communicate these developments to industry stakeholders from across the country.”

Ideas that shaped the industry conversation

The two-day conference featured seven panel discussions, each examining a critical dimension of India’s evolving roads and highways sector.

The opening discussion on ‘Financing Roads & Highways in a Capital-Constrained Era’ brought together experts from Cube Highways, NIIF, SBI Capital Markets, Centrum Capital and Bandhan Infra Fund, who examined how the financing landscape is changing. Discussions revolved around asset monetisation, InvITs, institutional investments and new funding structures, with panellists agreeing that better project preparation, transparent governance and predictable returns will be crucial for attracting long-term capital into infrastructure.

Attention then shifted to execution realities during the panel on ‘Contractors’ Perspective: Execution Realities, Risks & the Quality Imperative.’ Representatives from GHV Infra Projects, PNC Infratech, NCC and Maccaferri candidly discussed the challenges of delivering projects amid contractual complexities, land acquisition delays, rising costs and tight timelines. While execution pressures remain significant, the discussion reinforced that better collaboration across the project value chain is essential for achieving both speed and quality.

Day 2 opened with a technically rich discussion on ‘Designing Roads for Sustainability, Durability & Climate Resilience’. Experts from CSIR-CRRI, IIT Bombay, IIT Madras, Zydex Group and SRMB Steel explored advanced pavement technologies, recycled materials, climate-resilient designs and scientific construction practices that can significantly improve durability while lowering lifecycle costs. Sustainability, they agreed, must become an integral part of road design rather than an afterthought.

The subsequent session on ‘Bridges & Tunnels: Complex Engineering, Safety & Future Readiness’ highlighted the growing complexity of India’s infrastructure projects. Panellists discussed advances in structural engineering, digital monitoring, risk management and safety practices that are enabling the successful delivery of increasingly ambitious bridge and tunnel projects across the country.

Technology remained a recurring theme during the discussion on ‘Technology as a Risk-Mitigation Tool for Developers & Investors’. Experts explained how AI, BIM, drones, predictive analytics, digital twins and intelligent monitoring systems are helping improve project planning, minimise execution risks, strengthen quality assurance and enhance asset management throughout the infrastructure lifecycle.

The construction equipment panel brought together leading industry experts to examine how technology, sustainability and digitalisation are redefining construction equipment in an era of rising cost pressures. Discussions centred on enhancing productivity, reducing lifecycle costs and preparing the industry for India’s infrastructure ambitions leading up to 2047.

The conference concluded with an engaging CXO Forum on ‘Rebuilding Confidence in India’s Roads & Highways Sector’, where senior industry leaders emphasised that stronger governance, better project preparation, digitalisation, transparent contracting and closer public-private collaboration will be essential to sustain India’s infrastructure growth over the coming decades.

Technology and recognition under one roof

Beyond the conference halls, RAHSTA Expo reflected the technological transformation underway across India’s road infrastructure ecosystem. Leading equipment manufacturers, technology companies and material suppliers showcased advanced construction equipment, intelligent digital platforms, pavement technologies, structural materials and productivity-enhancing solutions designed to improve project efficiency and asset performance. The exhibition created valuable opportunities for contractors, consultants, government agencies and project developers to evaluate new technologies while interacting directly with solution providers.

The event also served as a celebration of excellence through the RAHSTA Awards 2026, which recognised outstanding achievements across road construction, contracting, materials, equipment, technology, safety, sustainability and infrastructure development. Presented by Minister Tamta, the awards honoured organisations that are setting new benchmarks for quality, innovation and execution across India’s roads sector.

RAHSTA Expo 2026 also received extensive support from across the infrastructure ecosystem. Alongside leading corporate sponsors, the event was backed by industry bodies including the Builders Association of India (BAI), Construction Equipment Rental Association (CERA), Consulting Engineers Association of India (CEAI), International Road Federation (IRF), CSIR-CRRI, CILT India, All India Transporters Welfare Association, Hydraulic Trailer Owners Association (HTOA), Gujarat Contractors Association, Bitumen Forum, Fluid Power Society of India, Indian Institute of Material Management, Ministry of Ports, Shipping and Waterways, Gati Shakti Vishwavidyalaya and Mumbai First, reflecting the industry’s collective commitment to advancing India’s road infrastructure.

As the curtains came down on the two-day event, one message resonated throughout the conference: India’s highways story is entering a new chapter. While expansion will continue, the future will increasingly be defined by smarter planning, stronger partnerships, digital transformation, sustainable engineering and long-term value creation. By bringing together the entire infrastructure value chain on a single platform, RAHSTA Expo 2026 once again demonstrated why it has become one of the country’s most influential forums for shaping the future of roads, highways, bridges and tunnels.

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Economy & Market

Fornnax Names Lukas Baur as Authorised Service Partner to Bolster EU Operations

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Strapline: Fornnax Technology has appointed NOBA Maschinenservice’s Lukas Baur as its authorised service partner for the European Union, strengthening its commitment to delivering fast, reliable, and localised after-sales support across the region.

Fornnax Technology, a leading manufacturer of industrial shredding solutions, has announced the appointment of Mr. Lukas Baur of NOBA Maschinenservice as its authorised service partner for the European Union. The partnership, formalised under the authorisation of Fornnax CEO Mr. Jignesh Kundaria, reinforces the company’s commitment to providing dependable, localised service support to its expanding customer base across Europe.

Strengthening Service Through Proven Expertise

With over two decades of experience in servicing, maintaining, and overhauling industrial shredders, Mr. Baur brings extensive technical expertise to the partnership. His capabilities span welding, hardfacing, shaft and knife rebuilding, complex assembly, hydraulics, and complete electrical engineering services, delivered in collaboration with a trusted partner company based in Halle/Saale.

Operating from Worbis, Germany, Mr. Baur is strategically positioned to provide emergency support across the European Union within 24 hours, covering an operational radius of approximately 1,000 kilometres.

Supporting this capability is a well-equipped service infrastructure comprising 12 Mercedes Sprinter service vans, a team of 24 skilled technicians, specialised bearing-change tools, a fully equipped hydraulic workshop, and a 1,000-square-metre facility with a five-ton crane track. Together, these resources position his team to manage the complete spectrum of Fornnax’s European service requirements efficiently and reliably.

Partnership Driven by Industry Insight

Having spent years servicing Eldan, Lindner, and Vecoplan shredders across the European recycling industry, Mr. Baur’s decision to collaborate with Fornnax is rooted in his understanding of market needs and customer expectations. His experience has provided valuable insight into what recycling plant operators require—not only from their machinery but also from the service teams supporting them.

According to Mr. Baur, Fornnax’s reputation for robust machine construction, superior wear protection, and maintenance-friendly design made the partnership a natural fit.

The collaboration comes at a time when Europe’s tyre recycling industry is facing mounting challenges, including rising cost pressures, shrinking margins, delayed investments, and a shortage of skilled labour. Mr. Baur believes these conditions reinforce the need for technically strong service partners capable of delivering rapid, dependable support.

Commenting on the partnership, he said, “Fornnax, with its exceptional price-performance ratio and superior quality, has the potential to become a market leader in Europe. We would like to be their service partner in this journey.”

Comprehensive Support Across the Equipment Lifecycle

As Fornnax’s authorised service partner, Mr. Baur will oversee the complete lifecycle support of the company’s equipment throughout the European Union. His responsibilities will include installation, commissioning, preventive maintenance, emergency repairs, and spare parts support across mechanical, hydraulic, and electrical systems.

Looking ahead, he also plans to develop a centralised spare parts distribution hub for European customers, particularly if Fornnax establishes a warehouse facility in Worbis to facilitate faster deliveries. To further strengthen service coverage, Mr. Baur intends to expand operations by adding two to three additional service teams and vehicles each year, progressively increasing capacity across the continent.

A Shared Commitment to Customer Excellence

Highlighting the strategic importance of the partnership, Mr. Jignesh Kundaria, Director and CEO of Fornnax, said:

“We strongly believe that by continuously improving our service quality and customer satisfaction index, we can build long-term relationships with our customers. Higher customer satisfaction leads to greater trust, which significantly increases repeat orders and ultimately drives sustained growth in our sales revenue.”

This customer-first philosophy underpins Fornnax’s strategy of building a dedicated European service partner network instead of relying solely on remote support. With Mr. Baur joining this network, customers across the European Union will benefit from faster response times, expert technical assistance, and dedicated on-ground support from a partner with extensive experience in high-throughput shredding operations.

Mr. Baur’s appointment also reflects Fornnax’s broader ambition to establish itself as the preferred shredding solutions provider for the European recycling industry, marking another important milestone in the company’s international growth strategy.

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Concrete

Nuvoco Vistas launches Limla cement plant, expands Gujarat footprint

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Nuvoco Vistas opens a 2 MMTPA grinding unit at Limla, entering Gujarat and advancing its target of 35 MMTPA capacity by FY 2028.

Surat (Gujarat)

Nuvoco Vistas Corporation Ltd, a part of Nirma Group and one of India’s leading building materials company, has inaugurated the Limla Cement Plant in Surat (Gujarat), one of Vadraj Cement Limited’s (VCL) principal manufacturing facilities. The commissioning represents a key milestone in Nuvoco’s acquisition and restoration of VCL, while supporting the company’s expansion across the Western Indian cement market.

Vadraj Cement Limited is a subsidiary of Nuvoco Vistas Corporation Limited and has installed cement capacity of 6 MMTPA across its assets. The Limla inauguration therefore represents the first operational step in the acquired platform’s wider revival, while the Kutch facilities provide clinker supply, mineral security and coastal logistics support for the western business.

Nuvoco completed its acquisition of Vadraj Cement Limited, then under the Corporate Insolvency Resolution Process, after paying a consideration of Rs 1,800 crore in June 2025. VCL’s asset portfolio comprises a clinker unit at Kutch and a grinding unit at Limla in Surat. It also includes high-quality captive limestone reserves and a captive jetty at Kutch, supporting more efficient logistics. Following the takeover, Nuvoco began an extensive programme of restoration, refurbishment and expansion at both locations, leading to the commissioning of the Limla plant.

The Limla Cement Plant is expected to support a phased increase in sales volumes across Gujarat. It will also help Nuvoco supply neighbouring markets in Western Maharashtra and release cement capacity from its northern plants, which can consequently be redirected towards markets in North India. The plant will manufacture a full portfolio comprising Ordinary Portland Cement, Portland Slag Cement, Portland Pozzolana Cement and Portland Composite Cement. It will additionally produce the complete Nuvoco Duraguard range, including the premium Nuvoco Duraguard Microfibre product. The acquisition is also expected to generate operational synergies with Nuvoco’s existing plants at Nimbol and Chittorgarh in Rajasthan, improving logistics optimisation and market reach across important regional markets.

The grinding unit at the Limla Cement Plant was completed ahead of schedule, with 2 MMTPA of capacity now inaugurated to expand Nuvoco’s operating scale and customer reach. After Vadraj Cement’s assets become fully operational, plants in North and West India are expected to account for nearly 40 per cent of Nuvoco’s total cement capacity. This will broaden the company’s manufacturing network, strengthen access to high-growth markets and support its plan to increase consolidated cement capacity to 35 MMTPA by FY 2028, reinforcing its longer-term growth strategy.

Commenting on the development, Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp Ltd, said: “The inauguration of the Limla Grinding Unit in Surat is an important milestone in Nuvoco’s growth journey and demonstrates our commitment to disciplined, value-accretive expansion. Gujarat is strategically significant for Nuvoco, with substantial opportunities arising from infrastructure investment, industrial growth, rapid urbanisation and continuing demand from the housing and construction sectors. The facility strengthens our regional footprint, improves operational flexibility and increases our ability to serve customers across northern and western markets with greater reliability and efficiency.”

He added: “Through the Vadraj acquisition, we have refurbished and restarted a strategically important asset, returning it to operations in record time through strong execution and collaboration between teams. The achievement demonstrates our ability to create value from acquired assets, fulfil our commitments and retain the confidence of stakeholders. It also highlights the strength of our project delivery capabilities and our continued focus on building sustainable, profitable growth over the long term.”

Nuvoco Vistas Corporation Limited is a building materials company whose vision is to build a safer, smarter and more sustainable world. It is among the leading players in East India and has a significant presence across North and West India. Nuvoco began operations in 2014 with a greenfield cement plant at Nimbol, Rajasthan. It later acquired Lafarge India Limited, which had entered India in 1999, followed by Emami Cement Limited in 2020 and Vadraj Cement Limited in April 2025. The company has also announced an expansion in eastern India through a new grinding mill at the Arasmeta Cement Plant, supported by several debottlenecking programmes involving equipment upgrades, process improvements and internal capacity initiatives. These developments place Nuvoco on track to achieve total cement capacity of approximately 35 MMTPA. The company reported total income of Rs 11,362 crore in FY 2025-26, reflecting its continuing growth trajectory.

Nuvoco operates a diversified portfolio across three segments: Cement, Ready-Mix Concrete and Modern Building Materials. Its cement portfolio includes Concreto, Duraguard, Double Bull, PSC, Nirmax and Infracem, covering Ordinary Portland Cement, Portland Slag Cement, Portland Pozzolana Cement and Portland Composite Cement. Its pan-India RMX business provides value-added products under Concreto for performance concrete, Artiste for decorative concrete, InstaMix for ready-to-use bagged concrete, X-Con covering M20 to M60 grades, and Ecodure for specialised green concrete. Nuvoco has supplied materials to projects including the Mumbai-Ahmedabad Bullet Train, Birsa Munda Hockey Stadium in Rourkela, Aquatic Gallery at Science City in Ahmedabad, and metro railway projects in Delhi, Jaipur, Noida and Mumbai.

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