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Sunday, 04 October 09
GRASIM TO CONSOLIDATE CEMENT BIZ
The Statesman reported that, India's largest cement producer Aditya Birla group today said it would consolidate its cement businesses by merging Grasim cement with Ultra Tech, which together will have a capacity of 49 million tons per annum or 20 per cent of the country's cement production.
The group, which had acquired Ultra Tech from engineering giant L&T in 2004, said it would hive-off Grasim cement into Samruddhi, a wholly owned subsidiary.
The demerged entity would be listed and then merged with UltraTech.
“Post consolidation of Samruddhi and UltraTech, a cement company with a capacity of 49 million tons will be created,” Grasim's whole-time director and chief financial officer, Mr Adesh Gupta told reporters here.
India produces nearly 219 million tons of cement per annum and is the second largest producer of the building material after China.
Presently, the capacity of Grasim is 26 MT and that of UltraTech is 23 million tons. “The entire consolidation would be over in the next 8-10 months,” Mr Gupta said.
The Aditya Birla Group chairman, Mr Kumar Mangalam Birla, in a statement said: “The restructuring move is designed to ensure Grasim's majority stake in, and continued support to, the rapidly-growing cement business, while simultaneously providing Grasim shareholders direct participation in the pure-play cement company.”
Post-merger (Samruddhi and UltraTech), Grasim's holding in the consolidated entity would be somewhere between 55-65 per cent, Mr Gupta said.
“Our holding in the merged entity will be between 55 and 65 per cent as we hold 55 per cent in UltraTech Cement while post-demerger our holding in Samruddhi will be 65 per cent,” he said.
Grasim shareholders would hold 35 per cent in Samruddhi.
The demerger of Grasim Cement is likely to be completed in the last quarter of this fiscal, he said.
As a part of the restructuring exercise, Samruddhi would issue one equity share of Rs 5 each to Grasim shareholders for every share they hold in Grasim.
The advisors to Grasim's restructuring process are DSP Merrill Lynch, Enam Securities, Amarchand and Mangaldas, Suresh A Shroff and Company and Ernst and Young. PTI
Source: The Statesman
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Wednesday, 09 September 09
CHINESE INTEREST IN AUSTRALIA COAL TICKS UP AS PRICES FALL
After a lull of about two months, Australian thermal coal producers are now seeing renewed interest from Chinese buyers for spot cargoes in the four ...
Wednesday, 09 September 09
SALES FORECAST UP ON BETTER DISTRIBUTION
The Jakarta Post reported that, State coal producer PT Tambang Batubara Bukit Asam (PT BA) expects coal sales to rise by 11 percent next year as it ...
Wednesday, 09 September 09
NTPC HIRES MACQUARIE TO ADVISE INDONESIA COAL MINE PURCHASE
Bloomberg reported that, NTPC Ltd., Asia’s biggest power utility by value, has hired Macquarie Group Ltd. to evaluate a proposed coal mine pur ...
Tuesday, 08 September 09
SOUTH AFRICAN COAL FALLS MOST IN 11 WEEKS ON EXCESSIVE PRICES
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Tuesday, 08 September 09
INDIA MAY HAVE A JOINT WORKING GROUP FOR COAL WITH INDONESIA: SRIPRAKASH JAISWAL - PRESS RELEASE
Press Information Bureau of India reported in its web site that, The Coal Ministry has, in principle, agreed to set up a Joint Working Group for coa ...
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- Commonwealth Bank - Australia
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- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Singapore Mercantile Exchange
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- Bulk Trading Sa - Switzerland
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- IHS Mccloskey Coal Group - USA
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- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
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- Georgia Ports Authority, United States
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- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
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- Energy Link Ltd, New Zealand
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- Jorong Barutama Greston.PT - Indonesia
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- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
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- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
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- Siam City Cement PLC, Thailand
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- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
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- Dalmia Cement Bharat India
- MS Steel International - UAE
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
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- Indian Oil Corporation Limited
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- Independent Power Producers Association of India
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- Bangladesh Power Developement Board
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- Kohat Cement Company Ltd. - Pakistan
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- Electricity Authority, New Zealand
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- Aditya Birla Group - India
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- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Interocean Group of Companies - India
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- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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- Madhucon Powers Ltd - India
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- Chamber of Mines of South Africa
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- European Bulk Services B.V. - Netherlands
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