With the commissioning of the new mill that has been funded through mix of internal accruals and debts, the company has increased its all India cement capacity to 5 MTPA, Ashish Guha, CEO and MF, Heidelberg Cement India, said
New Delhi: Expanding cement making capacity in India, Germany's Heidelberg Cement on Wednesday commissioned first phase of its Rs1,400 crore expansion plans, taking its production to 5 million tonnes per annum (MTPA), reports PTI.
The leading global cement maker, which had entered into the Indian market by acquiring Mysore Cements in 2006, had 3.1 MTPA capacity before its Jhansi grinding unit in Uttar Pradesh went on stream.
The Jhansi unit’s capacity has now gone up to 2.7 MTPA from 0.8 MTPA earlier.
“This is the first move towards our expansion plans in Central India. With the commissioning of the new mill that has been funded through mix of internal accruals and debts, the company has increased its all India cement capacity to 5 MTPA,” Ashish Guha, CEO and managing director, Heidelberg Cement India, said.
The company is also enhancing capacity in Damoh in Madhya Pradesh to raise the capacity to 6 MTPA, a company source said, adding that the date of commissioning of the project would be announced soon.
“Total investment in these two plants amounts to Rs1,400 crore,” the source said.
Heidelberg Cement, which mainly caters to the central market and now trying to position its ‘mycem’ brand in other parts of the country, had achieved highest ever cement sales of 2.81 million tonnes in 2011.
“We expect cement consumption to grow at a relatively higher rate in central region and stand committed towards bettering the prospects for our stakeholders,” Guha said.
In a bid to discourage high ticket prices , the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets
Mumbai: To encourage single-screen theatres in rural area, the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets, reports PTI.
The government also allowed single-screen halls to levy an additional service charge of Rs2 per ticket if they exhibit Marathi films during “prime time”.
In a bid to discourage high ticket prices, the government decided to stipulate “a maximum entry charge” of Rs200 in multiplexes and Rs100 in single-screen theatres.
The decisions were taken at a meeting of the state cabinet, chaired by chief minister Prithviraj Chavan, here.
The government expects that single-screens, which are losing business, will use the tax sop to adopt modern digital technology, an official release said.
The government also decided to waive entertainment tax for five years for single-screen theatres in A, B and C category municipal councils.
Maharashtra has 81 multiplexes and 549 single-screen theatres, from which the government earned Rs476 crore in revenue last year.
RBI deferred the implementation of Basel III, the global capital norms for banks, by three months to 1st April. Meanwhile, the deadline for the full implementation of the Liquidity Coverage Ratio for banks, which were to kick in from 2015, has been extended till 2019
New Delhi: The finance ministry has requested the Reserve Bank of India (RBI) to relax capital adequacy norms for banks in line with the recommendations made earlier this month by the Basel Committee on Banking Supervision, reports PTI.
“RBI is fully seized of the matter and we have also requested it to look into the issue. We are in conversation with them,” said an official source.
RBI deferred the implementation of Basel III, the global capital norms for banks, by three months to 1st April.
The deadline for the full implementation of the stiff liquidity norms or Liquidity Coverage Ratio (LCR) for banks, which were to kick in from 2015, has been extended till 2019.
Earlier this month, oversight panel Group of Governors and Heads of Supervision (GHOS), which includes representation from India, of the Basel Committee on Banking Supervision decided to ease the LCR regulations.
The Committee, a grouping of top regulators and central bankers, had mooted the stiff liquidity requirements for banks to ring fence as well as prevent financial disruptions.
A major component of the Basel III banking norms, LCR aims to ensure that a bank has an adequate stock of unencumbered high quality liquid assets to meet liquidity needs for a month's stress scenario.
The LCR would be introduced as planned on 1 January 2015, but the minimum requirement would be 60%. The same would be increased by 10 percentage points in the subsequent years to reach 100% on 1 January 2019.
According to GHOS, this graduated approach is designed to ensure that the LCR can be introduced without disruption to the orderly strengthening of banking systems or the ongoing financing of economic activity.
Among others, the panel has approved amendments to LCR rules, including revisions to the definition of high quality liquid assets and net cash outflows.