After its foray into the steel business, Vedanta is expecting to be in line with the top
three-four steel makers in India. It has been planning to expand its steel capacity to 10
million nonnes per annum from the present 1.5 million nonnes per annum in the next
five to six years.
Shortly after acquiring Electrosteel Steels (ESL), a primary producer of steel, Vedanta
announced capacity expansion of the Bokaro plant in phases, with an investment of $3-
4 bn. But ESL needed to make a turnaround before any capacity expansion could take place.
And this was achieved through operational and commercial initiatives and rebranding of
During the financial year 2018-19, the production stood at around 1.2 million tonnes
registered 17% year-on-year growth.
Steel makers are ramping up capacity given the growth in consumption that the coming
years are likely to witness
The pan-India home-buyers’ body Forum for People’s Collective Efforts (FPCE), based
on the Supreme Court’s recent ruling in the matter of Amrapali Group, has approached
the Prime Minister’s office to order forensic audits of all the housing projects that have
been delayed for more than three years across the country.
FPCE’s demand for a forensic audit stems from the apex court’s Amrapali Group ruling
that directed the government to take appropriate steps on a time-bound basis to do the
needful to resolve the home buyers’ issues related to delayed delivery.
The Corporate Affairs Ministry (MCA) has refrained from putting into effect the
controversial CSR amendments in the recently enacted Companies (amendment) Act
2019 while going ahead with implementation of all other provisions in the amendment
law. This would mean that CSR for now would only be voluntary for corporate India and not
spending the 2% on CSR would not be treated as criminal offence, attracting jail term
for company officials.
An analysis of power projects, both coal and renewables, that achieved financial
closure in 2017 and 2018 reveals a massive 90% fall in loans for coal.
As many as 54 projects that achieved financial closure in 2018 attracted ₹30,524 crore
of loans; 80% of it went to renewable energy projects, says a report titled ‘Coal Vs
renewables finances analysis’.
The consolidated grey cement volumes of UltraTech Cement rose only 2.6% owing to
weak industry demand. Given the weak demand scenario, the company is expected to
trim volumes by 5% for FY20e and 3% for FY21e.
The company remained upbeat on the cement sector owing to a confluence of positive
fundamentals—healthy long-term demand outlook, high clinker utilisation and benign
India Cements, Vice chairman, N Srinivasan said that the Indian cement industry is
headed for a ‘golden period’ reminiscent of the firm prices-high capacity utilisation
milieu seen over a decade ago, reviving on the back of stable demand from
infrastructure projects and government housing schemes,
Indian cement factories have built capacity of over 400 million tonnes a year but been
plagued by over capacity, which is nearing an end, said Srinivasan.
Srinivasan has also denied signs of slowdown and resultant job losses in the cement
sector as seen in the automobile sector.
According to N Srinivasan, demand is being driven not just by housing projects but also
infrastructure projects. It is expected that the hiccups in Andhra Pradesh will be
removed soon and next year onwards there will much better utilisation.
India Cements’ total capacity is expected to touch 20 million tonnes on the back of a
new factory in Madhya Pradesh, for which land acquisition has begun.
“We are confident that if the government implements what it is talking in terms of
infrastructure spending, then there will be growth in the cement industry, considering
infrastructure spends have a multiplier effect,” Srinivasan said, adding that housing in
rural areas will also be firm driver.