your password has been reset successfully, Please login again.

Ultratech Cement is planning to raise Rs9000 crore by issue of securities.

Ultratech Cement, Aditya Birla Group company is planning to raise Rs9000 crore by issuing non-convertible debentures.
BY BEx Bureau
BusinessEx
Jul 19, 2017

Aditya Birla Group Company, Ultratech Cement is planning to raise Rs.9000 crore by issuing non-convertible debentures through private placement for funding its ongoing expansion projects and refinance high-cost debt, reported Business line.

The company has recently taken over debt-ridden 21 million tonne per annum cement capacity of Jaiprakash Associates and Jaypee Cement for Rs.16,189 crore.

The company will be investing Rs.2,200 crore on de-bottlenecking projects, regulatory requirements, plant infrastructure and routine maintenance, Kumar Mangalam Birla, Chairman, said while addressing shareholders at the 17th annual general meeting on Tuesday.

The company plans to turn around Jaypee assets into EPS accretive in three years by improving operational efficiency and bringing down the cost of operations, he said.

Birla said, The operations will also be strengthened by the process and technological up gradation leading to enhancement of capacity utilisation, creating synergies in manufacturing, distribution and logistics. Further, he said economies of scale and reduced lead-time to markets will be achieved.

The company plans to set up 3.5 million tonnes per annum plant at Dhar in Madhya Pradesh with an investment of Rs.2,600 crore and aims to complete the project the end of FY-19, reported Business Line.

Please add your Comment
SIMILAR News
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin
July 16, 2018
The Mumbai-based venture capital firm has more than 40% of its portfolio companies in the B2B segmen ...More
By Shah Mohsin
July 16, 2018
The investors who participated in the round include Anupam Mittal, CEO at People Group, the parent o ...More
By Shah Mohsin
July 13, 2018
The American software giant is already offering its Azure platform to electric mobility players acro ...More
By Shah Mohsin
July 13, 2018
The Series A funding will also be used to expand the team and bring on board experienced talent in t ...More
By Shah Mohsin
July 13, 2018
With this, the company has raised a total $12 million until now. ...More
By Shah Mohsin