UltraTech Cement to raise investeor limit to 30%

In its regulatory filing to the Bombay Stock Exchange (BSE) of India, UltraTech Cement has announced that it has secured permission from its board to raise its Registered Foreign Portfolio Investor (RFPI) limit from 24% to 30%. The increase in the limit by the local company is subject to approval from board members at the yearly general meeting scheduled for July 2016.
May 12, 2016 Read time: 1 min

In its regulatory filing to the Bombay Stock Exchange (BSE) of India, 6846 UltraTech Cement has announced that it has secured permission from its board to raise its Registered Foreign Portfolio Investor (RFPI) limit from 24% to 30%.

The increase in the limit by the local company is subject to approval from board members at the yearly general meeting scheduled for July 2016.

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UltraTech Cement “eyeing majority stake” in ARM Cement?

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The Indian cement manufacturer could acquire convertible preference shares of up to US$125 million (€114.44 million) in ARM Cement.

Earlier, ARM Cement announced the impending transaction, but did not disclose the identity of the potential investor.

The transaction is likely to be completed by March 2016.

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The deal covers cement plants in Andhra Pradesh, Madhya Pradesh, Himachal Pradesh, Uttar Pradesh and Uttarakhand, but not the 1.2 million tonnes/year plant in Karnataka originally considered. This takes about INR 6 billion off the previously estimated transaction size.

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India’s UltraTech, Ramco to set up new cement plants in Andhra Pradesh

The State Investment Promotion Board (SIPB) of Andhra Pradesh in India has approved INR 92 billion (€1.20 billion/US$1.50 billion) of proposals by UltraTech Cement and Ramco Cements for greenfield cement plants in the state.

These will employ a combined 4,000 people and produce 12 million tonnes of cement a year.

UltraTech will set up a unit in Petnikota, Kurnool district, and another in Dachepalli, Guntur district, while Ramco will build its facility in Kolimigundla, Kurnool.

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Grasim Industries of India welcomes income rise

India-based cement, textiles and chemicals firm Grasim Industries (Aditya Birla Group) saw its year-on-year income rise 12.72% to INR 19.09 trillion (US$257.9bn) in the 1 April to 30 June 2019 period.

The company achieved a consolidated net profit of INR 17.86bn ($249.43mn) , up by 27.86%. UltraTech, Grasim Industries’ cement subsidiary, contributed INR 10.18tn ($143.15bn) in revenues, up by 14.35%.

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