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In a surprising turn of events, Ambuja Cements, part of the Adani Group, has put in a bid of Rs 580 crore for Jaypee Cement. However, this bid falls short of the company's liquidation value, prompting lenders to engage in discussions with Ambuja for a more favorable offer. View More
Adani Group-backed Ambuja Cements has submitted a Rs 580-crore offer to acquire bankrupt Jaypee Cement Corporation . The only other bidder, My Home Group , exited the process after submitting Rs 300-crore bid, reports Sangita Mehta. However, the insolvency resolution hangs in balance, as the Ambuja bid is well below the Rs 880 crore liquidation value . Lenders are negotiating with Adani Group for a higher offer. Ambuja for Jaypee Cements Lenders had last year rejected a Rs 227 crore offer from National Asset Reconstruction Co (NARCL) for Jaypee Cement’s debt, terming it too low, the people added. Earlier, the National Company Law Tribunal approved the Adani Group’s Rs 14,535 crore resolution plan for Jaypee Associates. The offer was supported by majority lender NARCL with an 85% voting share. Lenders then rejected a rival bid from Vedanta that offered Rs 3,400 crore higher in value, according to court documents. Under insolvency rules, the RP appoints two valuers to determine the fair value and liquidation value of a company, with the average serving as a benchmark for sale. The liquidation value represents what lenders may recover if assets are sold piecemeal, while the fair value reflects the expected price if the business is sold as a going concern. Typically, lenders favour liquidation if bids fall below the liquidation value. Jaypee Cement’s resolution professional has admitted Rs 3,361 crore of claims, comprising Rs 2,892 crore from secured creditors and Rs 469 crore from unsecured creditors, according to the Insolvency and Bankruptcy Board of India website. The company was admitted into corporate insolvency in July 2024 following a petition by State Bank of India . Jaypee Cement has an integrated cement capacity of five million tonnes per annum and owns two captive power plants — a 35 MW unit at Jaggayyapet in Andhra Pradesh and another 25 MW unit under implementation at the same site. Operations at its 1.2 MTPA cement plant at Shahabad in Karnataka, along with a 60 MW captive power plant, are currently suspended. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Bulk cement transport reforms and specialised tank containers are driving faster, cleaner logistics across the country View More
Indian cement companies are under pressure from rising fuel, freight and packaging costs linked to the West Asia conflict, prompting a shift towards fuel substitution, long-term sourcing and efficiency measures. View More
The Union Ministry of Mines launched the tranche at a function in Srinagar, inaugurated by Mines Secretary Piyush Goyal, as part of efforts to expand mineral exploration and attract private investment in the sector View More
The Union Ministry of Mines has launched the second phase of e-auctions for twelve limestone blocks in Jammu and Kashmir. This initiative aims to boost mineral development and economic growth. The blocks are located in Anantnag, Rajouri, and Poonch districts. Tender document sales begin May 18, with a pre-bid conference on June 5. View More
Srinagar: The Union Ministry of Mines on Tuesday launched the second tranche of e-auction for 12 limestone blocks in Jammu and Kashmir, marking another major milestone towards transparent, sustainable and investor-friendly mineral development in the Union Territory. Ministry of Mines Secretary Piyush Goyal officially launched the tranche at a function here. Addressing the gathering, he highlighted the transformative reforms and amendments undertaken by the ministry to simplify processes, strengthen transparency and improve ease of doing business in the mining sector. He emphasised that J-K possesses immense mineral potential and the auction and operationalisation of these blocks will significantly contribute towards the vision of Viksit Bharat, Viksit Jammu and Kashmir, and Aatmanirbhar Bharat through economic growth, employment generation and industrial development. "A total of 12 limestone blocks, spread across the districts of Anantnag, Rajouri and Poonch have been put up for auction under Tranche II. These include both newly identified blocks and blocks being re-auctioned under a second attempt, in accordance with the provisions of the Mineral (Auction) Rules, 2015 (as amended)," the PIB said in a handout. It said the blocks are categorised under G3 and G4 stages of the United Nations Framework Classification (UNFC) and are expected to attract strong industry interest, particularly from the cement and infrastructure sectors. Live Events During the event, Joint Secretary and Designated Officer, Farida M Naik, urged the bidders to explore the region's mining potential, highlighting its role in boosting economic growth, employment and socio-economic development. The sale of tender documents will commence on May 18 and the pre-bid conference is scheduled for June 5 this year. The auction is conducted under the provisions of the Mines and Minerals (Development and Regulation) Act, 1957 and the Mineral (Auction) Rules, 2015. Building upon the momentum of the first tranche, this initiative reflects a calibrated approach to ensure optimal utilisation of mineral resources, while enhancing investor participation and confidence. The technical session featured detailed presentations by MECL, SBICAPs, and MSTC . Srikant Sharma, MECL, presented the geological and mineral potential of the 12 limestone blocks. Pratin Sharma, Assistant Vice President, SBICAPs, explained the mineral auction process and tender framework while Keshav Arora, Manager, MSTC, demonstrated the e-auction portal and online bidding process, according to the PIB handout. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
In 1861, a Bavarian quarry yielded a fossilised feather, soon followed by the Archaeopteryx skeleton, a creature with bird and dinosaur traits. This "ancient wing" became a pivotal piece of evidence for evolution, proving birds descended from dinosaurs. Modern science continues to analyse its pigments, revealing details about its appearance and flight capabilities. View More
The company plans to scale the project in phases based on market demand and future expansion opportunities in the green construction materials sector View More
Pan-India average cement prices improved by ?10-13 per bag month-on-month in May as companies attempted price hikes to partially offset the cost inflation arising due to the West Asia crisis View More
UltraTech Cement management highlighted in their latest earnings call that, in addition to bag shock from West Asia’s conflict, exchange losses due to the rupee’s devaluation in March are also pressuring the company View More