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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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Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
Wednesday, 26 August 09
JSW ENERGY NEARS COAL-SUPPLY LINKAGE DEAL IN INDONESIA
Sajjan Jindal-owned JSW Energy is close to finalising a coal-supply linkage pact in Indonesia and is also exploring options of acquiring ...
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- Thai Mozambique Logistica
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- Kohat Cement Company Ltd. - Pakistan
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- Altura Mining Limited, Indonesia
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- The Treasury - Australian Government
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- Sarangani Energy Corporation, Philippines
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- Samtan Co., Ltd - South Korea
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- London Commodity Brokers - England
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- The State Trading Corporation of India Ltd
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- Sojitz Corporation - Japan
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- Commonwealth Bank - Australia
- White Energy Company Limited
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- Port Waratah Coal Services - Australia
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- Videocon Industries ltd - India
- Coal and Oil Company - UAE
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- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
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- Cement Manufacturers Association - India
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- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Wilmar Investment Holdings
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- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
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- Bulk Trading Sa - Switzerland
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- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
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- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
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- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
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- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
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- Xindia Steels Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
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- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- CIMB Investment Bank - Malaysia
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- Power Finance Corporation Ltd., India
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- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Minerals Council of Australia
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