9FEBRUARY 2024TOP STORIESJK CEMENT ACQUIRES CENT PERCENT STAKE IN TOSHALI CEMENTINDIAN SHIPBUILDING SECTOR HAS A HUGE MARKET FOR COMMERCIAL SHIPSJK Cement, led by Nidhipati Singhania, has successfully acquired a 100 percent stake in Toshali Cement, according to a statement released by the Company on the stock exchange. JK Cement is one of India's top 8 cement manufacturers as they have a capacity of 20 million tonnes per annum.With the acquisition of Odisha-based Toshali Cement, the Company will add a further 0.6 million tonnes per annum of cement capacity. The total acquisition cost is Rs. 90 crore, not including the price of a limestone mining license, which is also part of the deal. After transferring the mining license, JK Cement will make an additional payment of Rs. 67 crore."Upon this acquisition, Toshali has immediately become a wholly owned subsidiary of the Company. The transfer of the Mining Lease is subject to necessary statutory and regulatory approvals, which is likely to be completed within 18 months hereof", JK Cement said in the exchange filing.Toshali Cement operates two manufacturing units in Odisha. The first one, located in Koraput district, has added units with a clinker capacity of 0.33 million tonnes per annum and a grinding capacity of 0.2 million tonnes per annum. The second unit in Cuttak district is a grinding unit with a cement production capacity of 0.44 million tonnes per annum. According to a recent webinar by CareEdge Ratings, the country's top cement manufacturers plan to increase their capacity due to expected demand increases from major government initiatives, such as large road construction programs and housing schemes for low-income people. Indian shipbuilding businesses will have an enormous market for business vessels from Europe, France, Greece and the Center East nations in the following five years, as per Ajitkumar Daggaonkar, Boss Director of Mazagon Moor Shipbuilders Ltd. (MDSL), a PSU under the Service of Guard, Mumbai.There are 52 major shipbuilding industries in the country, including both public and private units. MDSL put up a stall at MILAN Technical Exposition besides MILAN Village as part of the Indian Navy's international maritime exercise, MILAN-2024, that was inaugurated at the Eastern Naval Command (ENC) base, as per hindu."The demand for commercial vessels, which has been sluggish for the past few years due to various reasons, including COVID-19, is now on the rise," Mr. Ajitkumar told The Hindu.The prime explanations behind the circle back were the change of diesel ships into green fuel vessels and the developing incentive for the 'Make in India' brand, he said, and added that the Indian shipbuilding ventures were tapping the world's prerequisites."Currently, the country accounts for about 20 percent of the market demand for commercial vessels worldwide," said Mr. Ajitkumar.He said that MDSL had an order from Denmark for three commercial vessels worth 350 crore. "Only 28 of the 802 vessels built by us since 1960 are Defence-related, and the remaining are commercial ships," he said.It is discovered that the size of the worldwide shipbuilding market is ready to develop from the ongoing $ 150 billion to USD 180 billion by 2030.
< Page 8 | Page 10 >