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Indian Cement Review Awards 2023

Published

4 years ago

March 15, 2023

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The 36-year-old Indian Cement Review has been the business bible for the industry for decades. And the Awards are an integral part of the publication’s standing. This year, the success story repeated itself. From putting together an eminent jury panel and a stringent screening process to handing over the trophies to the esteemed winners, it was an inspiring journey all along for the 6th Indian Cement Review Awards 2023. ICR presents to you glimpses from the evening of celebrations.

The 6th Indian Cement Review Awards 2023 were held along with the 8th Indian Cement Review Conference and the 13th Cement Expo at Sheraton Hotel, Hyderabad on the 24th of February, 2023. The process of evaluation of participating companies started two months prior to the awards when the ICR jury panel was given the mandate of analysing the performances of various cement manufacturers during 2021-22.
The jury panel for the 6th Indian Cement Review Awards 2023 included:

Ashok Kumar Dembla, President & Managing Director, Humboldt Wedag India
Rajesh Pathak, Managing Director, Schenck Process India
Dheepan Ramalingam, Managing Director, Ringfeeder Power Transmission
Dr B N Mohapatra, Director General, NCB
Rajeev Toshniwal, Managing Director, Toshniwal Industries
Ganesh Jirkuntwar, Head Manufacturing, Dalmia Cement
Rajnish Kapur, Chief Operating Officer, J.K Cement
Ashwini Pahuja, Former Chief Sustainability Officer, Dalmia Cement (Bharat)
Vivek Bhatia, Managing Director, Thyssenkrupp Industries

KC Jhanwar,
Managing Director, UltraTech
Man of the Year 2022-23

The awards were given away by Pratap Padode, Founder & President, FIRST Construction Council, invited Sumit Bannerjee, Chairman, Editorial Advisory Board, Indian Cement Review, as the hostess for the evening announced each winning company’s name and its attributes.
KC Jhanwar, Managing Director, UltraTech, was bestowed with the Man of the Year 2022-23 Award. Although he was unable to join the event personally, his heartfelt acceptance speech was delivered to the audience. His stellar journey and achievements in the Indian cement industry continue to inspire business leaders across the country.

As the winners gathered on the stage for a picture-perfect moment with their trophies in hand, the evening progressed towards cocktails and dinner, bringing the curtains down on a highly engaging and successful day with the stalwarts of the Indian cement industry.

Large Category (Turnover over Rs 5,000 cr)
Fastest Growing Cement Companies
Ranking Company Name Designation
1 Ultratech Maccha Rao National Sales Head
2 JK Cement Kedar M Shahagadkar Vice President , Cluster Head
3 JK Lakshmi Cement Naveen Kumar Sharma Whole Time Director
3 Dalmia Bharat Mukesh Kumar Sinha Unit Head – Kadapa

Medium Category (Turnover between Rs 2,000 cr and Rs 5,000 cr )
Fastest Growing Cement Companies

1 JSW Cement Nilesh Narwekar CEO
2 Star Cement Surender Kumar Jain AVP- Commercial & Administration

Small Category (Turnover under Rs 2,000 cr )
Fastest Growing Cement Companies

1 Udaipur Cement Works Naveen Kumar Sharma Whole Time Director
2 Shree Digvijay Cement K K Rajeev Nambiar CEO, Managing Director

Presenting Partner
ExxonMobil Lubricants Private Limited
Gold Sponsor
JK Cement Limited
PhillipCapital India Pvt Ltd
Silver Sponsor
LiuGong India Pvt Ltd
Associate Sponsor
Humboldt Wedag India Pvt Ltd
Presentation Partners
Martin Engineering Company
India Pvt. Ltd.
Beumer India Pvt Ltd
Ecodea Projects & Control Private Limited
Logo Sponsor
Stotz Gears Private Limited

Quote

Truly honoured and humbled at receiving this award from the Indian Cement Review! After looking at the jury members, it is truly humbling that they recognised the effort and the growth. Mr Patode spoke about the methodology used to determine the winners and he mentioned the six-year window. I remember how big we were six years ago – from a 6.2 or 6.3 MT capacity to currently around 21 MT has been quite a journey for us. I would give the entire credit for this to my team who have put in all the hard work. It hasn’t been that easy. But we have learnt a lot, loved the journey and we look forward to having a more aggressive growth path going ahead.”

***K K Rajeev Nambiar, CEO and Managing Director, Shree Digvijay Cement***

It’s a very exciting moment for us; it’s exciting to see this category. In this industry, the focus is always on the biggies. This award brings the focus to companies like us who have a high appetite in terms of sustainability, growth and profitability. The excitement at winning the award is great!

***Mukesh Kumar Sinha, Unit Head – Kadapa, Dalmia Bharat***

Thank you to the jury for choosing Dalmia in the large category. Dalmia family is truly cherishing this moment. Kudos to Dalmia family for achieving this goal! Dalmia team on an excellent journey of sustainably making cement, and we are partnering the progress of new India. This journey will go on and on with new heights and new achievements.”

**Kedar M Shahagadkar, Vice President and Cluster Head, JK Cement**

It feels really great to get this award. This award acknowledges the fact that the able leadership and guidance of our managing director, Raghavji Singhania, and our CEO, Madhavji Singhania. The guidance and mentorship that they provide fuels a lot of good things in the team that has been building over the years. This award really shows that the leadership team is driving the business in a consistent way. It feels really nice to be here as apart from the cement companies all the key stakeholders of the industry are all here. To be rewarded amongst them feels really nice!

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Cement Prices Likely to Rise Rs. 10-15 per Bag from Mid-October

Input costs and steady demand may drive cement price increases

Published

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October 14, 2026

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Cement manufacturers in India are likely to raise prices by Rs. 10-15 per bag from mid-October, as they seek to offset persistent increases in power and fuel costs. Emkay Research said its channel checks indicated a high probability of an increase from October 12, supported by the start of the busy construction season and favourable demand-supply conditions.

The sector had implemented similar rate adjustments of Rs. 10-15 per bag during the first quarter, but the increases were insufficient to cover higher operating costs. Prices also softened during July and August because of the monsoon, widening the gap between realisations and input expenses. Delayed plant expansion programmes have pushed clinker utilisation rates towards 79 per cent by FY28, helping to balance market fundamentals.

Emkay Research said steady volume offtake was supporting cement consumption, with non-trade demand driving activity across regional markets. Industry volumes are expected to grow by 7-8 per cent year on year during the first half of FY27, while demand momentum is projected to remain firm over the following 18 months. The outlook includes the busy construction season in the second half of FY27 and infrastructure activity linked to general elections in the first half of calendar year 2029.

The brokerage expects overall cement demand to record a compound annual growth rate of about 7 per cent between FY26 and FY28. However, elevated operating expenses are likely to continue weighing on profitability. Input costs have risen by Rs. 300-400 per t over the past six to seven months, with the full impact expected to become visible in second-quarter earnings and remain persistent through the second half of FY27.

Spot prices for petcoke and imported coal are approximately 20 per cent and 16 per cent above their second-quarter averages, at USD 175 per t and USD 150 per t, respectively. Packing costs have also increased, with polypropylene granule prices rising above Rs. 135 per kg. Emkay Research estimated that second-quarter earnings could decline by Rs. 200-250 per t sequentially because of higher fuel bills and negative operating leverage, and said the sector requires sustained price increases of about Rs. 10 per bag to offset cost inflation.

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Nuvoco Marks 10 Years, Targets 35 MMTPA Capacity by FY28

Nuvoco celebrates a decade of growth, targeting 35 MMTPA cement capacity by FY28.

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Nuvoco Vistas Corporation Limited is celebrating a decade of operations under the theme ‘Dus Saal Bemisaal’, highlighting its expansion in India’s building materials sector. The company has grown from a single cement manufacturing facility into a diversified organisation operating across cement, ready-mix concrete (RMC) and modern building materials.

The company’s journey began in 2014 when its parent, Nirma Group, commissioned a 2 million metric tonnes per annum (MMTPA) greenfield cement plant at Nimbol, Rajasthan. A major milestone followed in October 2016 with the acquisition of Lafarge India, significantly expanding its manufacturing footprint.

Nuvoco strengthened its market presence through the acquisition of Emami Cement, now NU Vista Limited, in 2020, followed by its public listing in 2021. In April 2025, the company added Vadraj Cement to its portfolio, strengthening its presence in western India.

Nuvoco has an operating cement capacity of 27 MMTPA and 14 manufacturing units, including the Kutch and Sachana facilities in Gujarat, which are in advanced stages of completion. It also operates 58 ready-mix concrete plants across India and offers a range of modern building materials.

The company aims to increase its cement capacity to 35 MMTPA by FY2027-28, representing approximately 15-fold growth over the decade.

Reflecting on the milestone, Hiren Patel, Chairman, Nuvoco Vistas Corporation Limited, said, “From our beginnings at Nimbol to the organisation we are today, every milestone has added a new chapter to Nuvoco’s journey and strengthened our belief in building for the long term.”

The company continues to focus on capacity expansion, operational efficiency, innovation and sustainability while strengthening its position in India’s construction materials market.

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J&K Government Notifies City Gas Distribution Policy

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Jammu and Kashmir government has notified the City Gas Distribution (CGD) Policy, 2026, following its approval by the Council of Ministers headed by Chief Minister Omar Abdullah. The policy sets out a phased framework for expanding Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) access for households, businesses, industries and the transport sector across the Union Territory.

CGD networks will be expanded in phases across all 20 districts, with the aim of bringing reliable natural gas closer to consumers and supporting a gradual shift from conventional fuels. The government said the policy is designed to improve energy access while creating an investor-friendly and time-bound environment for gas distribution projects.

The policy provides for single-window and time-bound clearances, streamlined procedures for setting up CNG stations and standardised norms for the Right of Way. These measures are intended to reduce procedural delays, simplify project implementation and facilitate investment in natural gas infrastructure.

It also prioritises gas connectivity for major industrial estates, including those in Kathua, Samba and Pulwama. Improved access to natural gas is expected to support industrial activity, enhance energy efficiency and help businesses manage fuel costs, while strengthening their competitiveness and encouraging investment in the clean-energy sector.

The policy is also expected to create opportunities for local employment, apprenticeships and skill development in the construction, operation and maintenance of gas distribution networks and related services. Abdullah described the measure as an important step towards cleaner growth, sustainable development and a modern energy ecosystem in Jammu and Kashmir, saying it would expand reliable energy access and support industry and investment.