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Gauging the Role of Low Carbon Solutions

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Raman Bhatia, Founder & Managing Director, Servotech Power Systems, sheds light on the importance of low carbon solutions (LCS) in greening India’s cement industry.

India is the second-largest cement manufacturer in the world, with a 500 MTPA total production capacity that accounts for 30 per cent of the nation’s manufacturing-related emissions. Chemical processes and burning fossil fuels contribute to substantial carbon and GHG emissions during cement manufacturing. Thus, exploring options for reducing emissions and improving energy consumption is so crucial.
The moment is right for India to switch to green cement manufacturing, clearing the path for decarbonising one of its most challenging industries, as nations across the world aim to achieve their net zero aspirations. The manufacturing of cement in India has made it a leader in the world for both social and environmental responsibility. India is well on pace to reach its Nationally Determined Contributions (NDCs) objectives and remain in compliance with the Paris Agreement, thanks in large part to efforts made by critical industries
like cement.

Fast Tracking Green Cement
In August 2018, Dalmia Cement vowed to become a carbon-negative cement firm by 2040. Dalmia was the first business worldwide to endorse the Climate Group’s RE100 and EP100 campaigns, which call for the usage of 100 per cent renewable power by 2030.
Adoption of technical advancements targeted at greening the sector is necessary to unlock further potential for emission reduction. There is currently no comprehensive structure for certifying what constitutes cement a green product, despite the fact that the discussion of ‘green cement’ in the Indian context is not new and the preliminary groundwork has already been set out by a few cement companies. The majority of cement producers discovered ways to cut their carbon footprints by investing in carbon capture and storage technology, improving energy efficiency, and decreasing their clinker factor.
Electricity purchase agreements (PPAs), which are long-term agreements between industrial consumers and power suppliers, are one option to become green (PPA). The initial transactions were done roughly ten years ago, so this is not a brand-new one. They have, however, grown in size and frequency recently, with a global record capacity of 13.4 GW contracted in 2018. The Indian cement industry has always depended on the greatest technology and process setups to remain the most effective and sustainable throughout its development and expansion. To stay ahead and attain an equilibrium between technological and economic viability at scale, some Indian cement businesses have been conducting research and development on upcoming green technologies/products.
Additionally, mandating a minimum procurement of green cement under government-mandated infrastructure projects and private building projects is one approach to partially get around the demand-side barrier. The Renewable Purchase Obligation (RPO), which mandates that DISCOMs purchase a certain amount of their energy from renewable sources, would be comparable to this. India may think about releasing several classes of green cement that differ in terms of their superiority, ability to reduce CO2, and cost of manufacture. To ensure compatibility between versions and ease the transition, standards for product quality would need to be established in conjunction with this. Therefore, the nation should think about a targeted strategy for decarbonising its cement industry by going beyond only focusing on energy efficiency and fuel switching. The cement industry in India is one of the most energy-efficient in the world, and switching to green cement will help to further reduce carbon emissions.
In addition to calciners powered by clean energy, fossil-fired calciners are required since cement manufacturing facilities are open 24 hours a day. A diverse range of low-carbon solutions (LCS) including modern and cutting-edge technology, process adjustments, and behavioural changes will be needed to decarbonise the cement sector. Other approaches to reducing industrial emissions overall include technological ones like carbon capture, utilisation and storage (CCUS), or demand-side ones like increasing material circularity, resource efficiency improvements, such as lowering the material content of finished products, and material substitution.

Solar Policy Framework
Only a small number of policies make up India’s present policy mix for decarbonising the cement industries. Lack of a clear sectoral decarbonization strategy or plan for the industry is the biggest gap. The sectoral roadmaps that do exist were drafted by civil society, but neither the government nor the business community have formally approved them. Additionally, India has very little corporate financing and regulatory support for the R&D of early-stage low-carbon technology. R&D is often kept mostly for updating plant equipment and refining internal processes, and is typically predominantly conducted out by big industrial entities, through their own corpus.
Investors are significantly favoured by Indian legislation regarding solar power plants since they provide several advantages over traditional machinery and plants. For solar plants, an accelerated depreciation of about 80 per cent is taken into account, as opposed to 15 per cent for regular plant and machinery, which results in significant tax savings for the cement makers.
The Perform, Achieve and Trade (PAT) plan, a cap-and-exchange mechanism for decreasing particular energy consumption of energy-intensive industries by establishing objectives and allowing organisations to trade energy saving certificates, is the government’s cornerstone industrial decarbonisation programme (ESCerts). The cement and concrete industries, in particular, greatly exceeded their expectations for energy reductions during the first PAT cycle (2012–2015). Although this is admirable, it also caused an excess of ESCerts. To encourage investments in low-carbon technology, however, the market price of ESCerts was too low. Setting more challenging goals and a floor price for ESCerts to encourage a minimum degree of technology uptake is thus a crucial lesson for next cycles. Furthermore, PAT may evolve to function as an emission, rather than an energy-oriented programme with a purpose to show national and sectoral climate action and establish a national carbon market.

Installation of solar power plants can result in significant reduction of taxes for cement makers.

How Solar can Decarbonise Cement Manufacturing
When compared to traditional power sources, solar energy offers several advantages. The cost of solar energy has been decreasing, and in many regions of India, it is now less expensive than the industrial sector’s electricity bill. Unlike power from utility companies, where the price is only anticipated to rise annually, solar facilities have a lifespan of generally 25 years, locking in the energy rates. Cement factories can lower their GHG emissions while simultaneously fulfilling their commitments under the RPO and PAT processes by putting up solar power plants and solar water heating systems. We may establish a solar power plant in a cement mill based on the available space while taking into account the solar technology appropriate for that particular geographic topography.
Some potential uses for solar energy in cement plants include – using rooftop solar PV panels to power CCR, administrative buildings, and remote illumination applications, such as mines; meeting requirements for lighting in non-plant structures, internal roadways, water pumps, guesthouses, townships, parks, canteens, hospitals, and schools, among many other places, catering to energy requirements for utilities and auxiliary equipment; preheating of raw materials or boiler feed water; and meeting hot water requirements.

Here are a few benefits SOLAR ENERGY can bring to the Indian cement industry:
l Cost savings: The cost of energy for industrial customers is among the highest of any industry, and solar will be less expensive for them in the majority of states. With the exception of wear and some replacement, solar expenses are predicted to remain relatively stable during the course of the solar farm, whereas the cost of energy from conventional sources of electricity is predicted to increase year after year.

  • Renewable Purchase Obligations (RPO) Compliance: Several industrial energy users must meet their RPO, and one of the simplest ways to do so is to establish a solar plant.
  • Availability of Roof Space: Contrary to most commercial businesses, most manufacturing facilities have substantial areas of undeveloped land and open roof areas. In these open, uninhabited areas, solar plants may be set up with relative ease.
  • Energy Savings: Locally produced solar energy helps balance grid electricity demand and reduce reliance on diesel generators. This then results in even greater cost reductions.
  • Carbon Footprint Reduction: Most companies make an effort to lessen their carbon impact. Solar power facilities reduce carbon emissions while also assisting in environmental protection.

The adoption of solar solutions will be influenced by a wide range of contextual factors as they move up the R&D ladder and prepare for deployment, including the level of ambition of players in the industry and associations, institutional capacities, capital market maturity, national climate goals, and supportive sectoral policies and frameworks. Therefore, to reform the cement industry, adequate public policy and financial assistance must be provided.
This support entails fiscal and market-based actions, such as public R&D spending, R&D support for businesses through subsidies and investment tax credits, the imposition of a carbon price through taxes or cap-and-trade markets, and the creation of demand for green products through public procurement programmes. The use of standards, codes, and labelling programmes, such as industry-specific energy or emissions standards, requirements for the use of alternative fuels and materials, end-use sector-specific codes, green building codes, and labelling programmes for industrial products, are additional effective measures.
There are various ways that solar thermal technology may be used for industrial operations. It can be used to pre-heat the boiler feed water in a captive power plant or a waste heat recovery system, as well as to supply warm water for processes and hot air for drying raw materials. India has developed a number of solar thermal power facilities that make use of both concentrator and flat plate collector technology. It will still be a trustworthy source of grid-connected power.

Shaping Up the Industry’s Future Outlook
India has consistently taken significant measures to expand collaboration in order to raise R&D funding, generate markets, and improve the cost of low-carbon industrial goods. Most significantly, India supported the Breakthrough Agenda at COP26 in 2021, pledging to engage with other nations to hasten the development and adoption of clean technology and sustainable solutions in important industries like steel and cement.
Now, the cement industry in India are actively planning for an impending transition in response to this. Large industrial participants have committed to voluntary medium- to long-term decarbonisation goals and are appealing to the local and global credit markets for green funding. JSW Steel and Ultratech are notable instances that, like the aforementioned Dalmia Cement, have recently obtained large sums of money from foreign markets through the issuance of sustainability-linked bonds. These are important advances since huge firms’ direct contributions will be essential to the long-term deployment of LCS at scale. However, investments in the near future are likely to concentrate solely on mature and accessible LCS unless they are backed by creative finance mechanisms that reduce the cost of adopting solar as a power-generation source.

ABOUT THE AUTHOR:
Raman Bhatia, Founder and Managing Director Servotech Power Systems,
comes with 20 years of entrepreneurial experience. He makes smart and sustainable clean power solutions accessible and affordable for the masses.

Concrete

Green Construction Through Cement Innovation

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Indian Cement Review (ICR) and Fuller Technologies brought industry, policy and technology leaders together to discuss how cement innovation can drive green construction at scale, writes Rakesh Rao.

India is building at a pace few countries can match. Highways, airports, housing, logistics parks, industrial corridors and urban infrastructure are reshaping the country’s economic geography. But beneath this growth story lies a difficult question: can India continue to build at scale without locking itself into a high-carbon future?

That question formed the core of an online panel discussion titled “Driving Green Construction Through Cement Innovation”, organised by Indian Cement Review (ICR) in association with Fuller Technologies as the Presenting Partner on June 25, 2026. The webinar brought together experts from cement technology, R&D, global industry platforms, building performance policy and international development cooperation to examine how low-carbon cement and material innovation can accelerate India’s green construction transition.

The discussion came at a crucial time. India has committed to achieving net-zero emissions by 2070 and reducing the carbon intensity of its economy by 45 per cent by 2030. At the same time, the country’s construction sector is expanding rapidly, driven by urbanisation, infrastructure development, housing demand and industrial growth. Cement, as one of the most widely used construction materials, sits at the heart of this transition. It is indispensable to development, but also central to the challenge of reducing embodied carbon in buildings and infrastructure.

Moderated by Nitika Krishan, Senior Urban Infrastructure and Sustainable Policy Consultant, the panel featured:

  • Kiranmai Sanagavarapu, Director, Low Carbon Solutions, Fuller Technologies;
  • Dr Hemantkumar Aiyer, VP and Head R&D, Nuvoco Vistas Corp Ltd;
  • Devika Wattal, Innovation Lead, Global Cement and Concrete Association (GCCA);
  • Dr Sunita Purushottam, MD, GBPN India (Global Buildings Performance Network); and
  • Vaibhav Rathi, Senior Technical Advisor, GIZ (the German Agency for International Cooperation)

Setting the tone for the discussion, Nitika Krishan underlined the scale of the challenge before the sector. “The question before us is no longer whether we build, but how we build sustainably,” she said. She pointed out that construction accounts for nearly 40 per cent of global energy-related carbon emissions when both operational and embodied carbon are considered. Cement production, she added, remains one of the hardest industrial processes to decarbonise.

For India, this is not merely an environmental issue. It is a development issue, a competitiveness issue and increasingly, a market issue. As one of the world’s largest cement producers and among the fastest-growing construction markets, India’s material choices will influence the carbon trajectory of its built environment for decades. As Krishan observed, sustainability solutions in economies such as India must not remain limited to laboratory success. They must be scalable, commercially viable and practical at national level.

The innovation gap: From technology to market

Experts believe that there is a need to bridge the innovation gaps for making decarbonisation in cement and concrete scalable. Devika Wattal of GCCA, explained, “The starting point must be the core cement manufacturing process itself. The first and foremost is the heart of our process, the heart of cement manufacturing. How do we reduce clinker? That is always a topic where industry is working very intrinsically.”

Clinker reduction remains one of the most important pathways for lowering emissions in cement. Since clinker production is energy-intensive and chemically emits carbon dioxide, reducing the clinker factor through supplementary cementitious materials (SCMs), blended cements and new chemistries can have a significant impact. Wattal also noted that carbon capture, utilisation and storage (CCUS) will have a role, though it may not be the first lever for all markets.

However, she stressed that innovation cannot stop at technology development. A solution that works in the lab must also be adaptable to industry, scalable in production and acceptable in construction practice. “It is important for that innovation to be adaptable, to be scalable, and so that it can be executed in real time,” she said.

Wattal also called for stronger enabling systems around innovation. These include performance-based standards, product-level embodied carbon databases and clearer frameworks for evaluating green materials. Without these, low-carbon cement products may struggle to compete with conventional materials in procurement and design.

R&D must balance carbon, cost and performance

Bringing in the R&D perspective into the discussion, Dr Hemantkumar Aiyer of Nuvoco Vistas emphasised that low-carbon cement development cannot be treated as a single-variable exercise. Cement must perform in real construction conditions. It must deliver strength, durability, consistency and cost competitiveness, while also reducing carbon.

“The root of understanding and balancing all these aspects lies in materials, and knowing the materials,” he said.

According to Dr Aiyer, R&D teams must understand the variability of raw materials such as fly ash, slag and clinker. Different sources produce different material behaviours. This makes mix optimisation, material characterisation and processing-property relationships critical. When performance is affected, cement manufacturers must understand how strength enhancers, admixtures and other performance chemicals interact with the material system.

He also linked material science with process efficiency. Clinkerisation takes place at extremely high temperatures, around 1,400 to 1,450 degrees Celsius. Any improvement in raw mix design, process control or energy optimisation can, therefore, help reduce emissions and cost. Dr Aiyer pointed to artificial intelligence-based optimisation, Cement 4.0 tools and advanced software as important enablers for real-time process and material control.

“The more you understand the materials, the more you can control it,” he said.

LC3: The promise is proven, the sequencing is not

Limestone calcined clay cement, commonly referred to as LC3, has attracted global attention because it can reduce clinker content significantly by using calcined clay and limestone while maintaining performance in many applications. Kiranmai Sanagavarapu of Fuller Technologies said the technology itself has already moved beyond proof of concept. Fuller Technologies has worked with calcined clay technology for nearly two decades and has seen plants running in France and Ghana. These plants, she said, are meeting local and national specifications, while the economics are beginning to make sense.

“The calciner is performing, the economics is stacking up, it is making business sense to produce,” she said.

But if the technology is viable, why has adoption not scaled faster? For Sanagavarapu, the answer lies in project sequencing. Too often, clay characterisation happens after equipment is specified. This, she warned, is a backward approach because calciner design depends on clay mineralogy, kaolinite content, iron levels, reactivity, moisture and other variables.

“If you don’t know what your deposit looks like before you commit for the equipment, you are, in a way, going blind into designing,” she said.

She also identified permitting and plant integration as major bottlenecks. Environmental clearances, mining permissions and local regulatory approvals must begin early. Similarly, calcined clay must be integrated into existing grinding, blending and logistics systems from the design stage, not treated as an afterthought during commissioning.

India already has IS 18189:2023 standard for LC3, but Sanagavarapu pointed out that the standard is not yet visible enough in procurement documents. “The gap between what is technically being permitted and what the procurement is asking is the single biggest bottleneck,” she said.

In her view, successful scale-up depends on getting the sequence right: clay characterisation first, permitting in parallel, standards aligned with construction, and integration built into plant design.

India’s LC3 journey: Progress, but demand remains thin

Providing details of India’s LC3 commercialisation experience, Vaibhav Rathi of GIZ noted that JK Cement carried out the first commercial production of LC3 at its Rajasthan plant, followed by JK Lakshmi Cement three months later. These initiatives were supported by the International Climate Initiative of the Government of Germany, with IIT Delhi contributing deep institutional knowledge on LC3 research and BIS certification.

Rathi said India’s early experience has produced clear lessons. One of the biggest was the need to build capacity among regulators. While BIS certification existed, State Pollution Control Boards were unfamiliar with the technology and unsure about the approval pathway.

“The capacity building is not just needed amongst the producer and the users of the cement, but also the regulators who are working with this technology for the first time,” he said.

He also highlighted the need for better information on China clay deposits. Since China clay is currently classified as a minor mineral, centralised data on availability, quality and location is limited. If cement manufacturers are to adopt LC3 at scale, stronger mineral intelligence will be important.

The third issue is demand. LC3 has already been used in projects such as Palava City in Mumbai and Noida International Airport, but these remain limited examples. “It is in a chicken and egg situation,” Rathi said. “Cement companies are saying we need more demand, and users are saying there is not enough cement available.”

Public procurement, he suggested, could help break this cycle. If agencies such as CPWD and other public bodies begin testing, accepting and specifying LC3, it could create the market confidence needed for cement companies to invest in production and storage.

Building codes must catch up with innovation

Dr Sunita Purushottam of GBPN India argued that material choices will determine built environment emissions over the long term, but India’s current policy signals remain fragmented. Although LC3 has received BIS recognition, she pointed out that building codes, municipal bylaws, schedules of rates and sustainability codes do not yet provide uniform guidance on low-carbon cement.

“The current cement regulations are largely prescriptive and favouring traditional materials,” she said. This limits the ability of alternative materials to compete on performance, durability and emissions.

Dr Purushottam also raised the issue of taxation. Cement, including LC3, currently falls under the same GST bracket as conventional cement. A differentiated tax structure, she argued, could help accelerate market adoption. “In order for the market to demand LC3, that differentiation in the GST could go a long way,” she said.

She noted that green building certifications such as IGBC and GRIHA are already creating demand for low-carbon materials by assigning points for embodied carbon and sustainable material use. However, she said large-scale adoption will require regulatory mandates, particularly through building codes and state-level notifications.

She also cautioned that low-carbon cement alone does not solve the entire building performance problem. A material may reduce embodied carbon, but the operational carbon of a building depends on thermal performance, design, insulation and energy use. “The energy part has two elements,” she said. “One is the embodied carbon of the material itself, and the other is the operational carbon.”

Collaboration is the bridge between invention and impact

Wattal said GCCA sees innovation as a strategic priority and works through platforms that connect industry with academia and start-ups. “There is no way we will decarbonise our sector without innovation,” she said.

However, she stressed that research must be connected to actual industry challenges. Innovations developed in isolation may fail when they encounter real-world barriers such as raw material variability, plant integration, cost, standards and finance. Start-ups, too, need industry mentorship and scale-up pathways.

Wattal also flagged the importance of finance. Even strong technologies may struggle to attract investment if there is no common understanding of bankability. “We have always put projects into, is this a bankable project? But the definition of a bankable project has never been defined,” she said.

For India, she saw strong potential in its academic and start-up ecosystem, but said the challenge lies in alignment and prioritisation. The country has the research base, industrial capacity and market size. What it now needs is a coordinated route from innovation to deployment.

There is a practical concern for cement manufacturers: how can existing plants be adapted for lower emissions without compromising reliability or commercial viability?

Kiranmai Sanagavarapu addressed, “The reliability risk in calcined clay retrofit is definitely real, but it is almost always self-inflicted. The risk arises when a new process is added to an existing circuit without properly redesigning grinding and blending configurations.”

Existing cement plants, she explained, can take two broad routes. The first is external sourcing of calcined clay combined with mill optimisation. This requires lower capital investment and can potentially move in 12 to 18 months if other conditions are in place. It may reduce emissions by around 20 to 30 per cent. The second route is integrated calcination on site, which requires higher capital expenditure and longer lead times, but provides greater control over quality, supply and emissions reduction potential.

For Sanagavarapu, the principle is simple: low-carbon retrofits must be designed with intent. “Design it with an intent properly from the start. Start in the market conditions where the economics are already working,” she said.

Circularity: The overlooked advantage

According to Vaibhav Rathi, fly ash and slag are already well established in cement and construction (C&D), but construction and demolition waste remains underutilised. “C&D waste is a growing business opportunity which not many have taken up,” he said. India’s continuous construction and demolition activity creates huge volumes of waste, much of which contributes to air pollution, land degradation and material inefficiency. With the right processing and standards, this waste can be converted into useful construction products.

Rathi also pointed out that LC3 has a circular economy dimension that is often overlooked. It can use low-grade kaolin-rich clay left behind after high-grade clay is extracted for other applications. “LC3 is not only a low-carbon solution, but also a circular economy solution,” he said.

At the same time, he cautioned that LC3 in India is not yet cheap because it has not reached scale. Site-specific techno-commercial feasibility studies, supported jointly by development agencies and industry, could help companies assess whether LC3 production makes technical and financial sense at a given location.

Dr Purushottam added that India must address both low-carbon cement and construction waste together. “Both low-carbon cement and C&D waste go hand in hand. India does not have an option but to work on both,” she said.

Dr Aiyer called for policy shifts from both government and industry, including preferential purchasing of sustainable materials, minimum supplementary cementitious material requirements in public and public-private projects, and faster regulatory implementation. “If we can fast-track the regulatory standards and their implementation on the ground, that is the way to go,” he said.

From green ambition to green construction

Cement innovation is no longer only about chemistry. It is about systems. Low-carbon cement will scale only when technology, standards, procurement, finance, regulation, education and construction practice move together.

LC3 and other low-carbon technologies have shown promise. India has early commercial examples, strong research capability and growing market interest. But mainstream adoption will depend on whether demand can be created, regulators can be capacitated, standards can be embedded in procurement, and manufacturers can see a clear business case.

For a country building at India’s scale, the opportunity is enormous. Cement will continue to be central to infrastructure and urban development. The challenge now is to ensure that the cement used in India’s growth story carries a lower carbon burden.

  • Rakesh Rao

Participate in Cement Expo 2026 and discover how next-gen infrastructure can be built with innovations in cement.

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Concrete

JK Cement Declared Preferred Bidder For Gilund Limestone Block

Shares Edge Higher As Company Wins Rajasthan Block

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JK Cement gained after being declared preferred bidder for the Gilund Limestone Block in Chittorgarh, Rajasthan, a lease area of 370.96 hectares. The firm saw its shares trade at Rs. 5550.05, up by 28.45 points or 0.52 per cent from the previous close of Rs. 5521.60 on the BSE. The scrip opened at Rs. 5569.15 and touched a high of Rs. 5625.00 and a low of Rs. 5531.00.

The stock recorded turnover of 1742 shares on the counter and the BSE group A stock with face value Rs. 10 has a 52 week high of Rs. 7565.00 on 20-Aug-2025 and a 52 week low of Rs. 4670.05 on 12-Jun-2026. Last one week high and low stood at Rs. 5625.00 and Rs. 5329.00 respectively. The promoters holding in the company stood at 45.66 per cent, while institutions and non-institutions held 40.61 per cent and 13.73 per cent respectively.

The e-auction conducted by the Government of Rajasthan resulted in the company being declared preferred bidder for the mining lease, and the allocation will enable the company to plan phased development of the deposit, subject to regulatory approvals. The Gilund block spans 370.96 hectares and its allocation is intended to support raw material security for the company’s cement operations in the region. The designation follows the government auction process and will allow the company to plan development and integration of the deposit into its supply chain.

The current market capitalisation stands at Rs. 430.38 billion (bn), reflecting market response to the mining news and prevailing valuation levels for the sector. Investors and analysts will watch for formal allotment and related disclosures that can clarify timelines, capital expenditure and expected production profiles. The report is intended for informational purposes and does not constitute investment advice, and market participants are advised to consult advisers before making decisions.

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Star Cement Named Preferred Bidder For Boro Lakhindong Block

Preferred bidder for limestone mining lease in Assam

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Star Cement has been declared the preferred bidder for the mining lease for Boro Lakhindong West Block following e-auctions conducted by the Government of Assam. The block is located in Boro Lakhindong Village, Umrangso Tehsil, Dima Hasao District, Assam, and extends over an area of 123 hectares. The estimated limestone resource is 207.822 million (mn) tonnes (t), a quantity that will supply raw material for cement production and support the company’s manufacturing operations in the region.

The company is engaged in the manufacturing and selling of cement clinker and cement and distributes products across the north-eastern and eastern states of India. Star Cement operates plants and logistics networks that procure and process limestone to produce clinker for cement, and the addition of Boro Lakhindong is presented as a strategic enhancement of feedstock availability. The preferred bidder status secures rights to the specified lease area under the terms of the auction process.

Financial results for the company in the fourth quarter of fiscal year 2026 showed a consolidated net profit rise of 20.24 per cent to Rs 1,481.0 mn on an 11.54 per cent increase in revenue to Rs 11,735.5 mn compared with the corresponding quarter of the previous year. Those results reflected higher sales volumes and revenue growth in the company’s primary markets and are cited in company disclosures accompanying the lease announcement. The reported performance provides context to the company’s ability to pursue and finance new mining lease opportunities.

Market reaction to the declaration was modest, with the scrip rising zero point thirty six per cent to trade at Rs 212 on the BSE. The award of the Boro Lakhindong lease concludes the e-auction process for the west block and assigns operational rights to Star Cement as the preferred bidder, subject to completion of statutory and contractual formalities.

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