Binani in the fray for cement JV with Nalco

Binani Cement Ltd (BCL), flagship of the Rs 1,500-crore Binani Group, has submitted expression of interest (EoI) for a joint venture with National Aluminium Company Ltd (Nalco).

Nalco is scouting for a joint venture partner to set up a cement plant that uses fly ash generated at its captive power plant.It aims to invest Rs 1,000 crore in the facility, which would have a capacity of producing 1,000 tonnes of cement per day.

Other cement majors including Gujarat Ambuja, ACC and L&T are also considering submitting EoIs for the JV, sources said.

A top Binani Cement official confirmed submission of the EoI. However, Vinod Juneja, joint managing director, refused to comment on the move.

Read more in The DNA Money article.

Binani Cement buys stake in China plant

Binani Cement Ltd, a mid-sized cement manufacturer that has a presence in northern Indian markets, has picked a 49% stake in a clinker manufacturing plant in Shandong province in China for $11 million (Rs44.4 crore). The company now plans to sell cement in China, West Asia and in eastern Africa.

The plant, owned by Shandong Rongan Group, produces 0.4 million tonne (mt) of clinker, a raw material used to make cement. The Shandong Rongan Group is a northwest China-based diversified business group that engages in mining and power businesses.

Binani Industries Ltd, which has business interest in zinc and glass fibre besides cement, is present in Dubai through a joint venture with Albwardy Investment. It produces around 1mt of cement at Jebel Ali in Dubai.

Read more in The Livemint article