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.

Nalco looks for JV partners

Aluminium major National Aluminium (Nalco) has decided to diversify into cement manufacturing and is looking for global joint venture partners to float a medium to large sized cement plant. Nalco’s proposed cement venture is part of its decision to use fly ash generated at its captive power plant at Angul in Orissa and convert it into sale-able products.

Nalco is primarily looking at the possibility of manufacturing Pozzo-lana Portland Cement (PPC). A byproduct of coal-fired power plants, fly ash can replace a proportion of the clinker used in cement plants. However, the company is also open to any other form of utilisation of fly ash in the JV.

The company is also seeking JV partners for classification and marketing of cementitious applications in the domestic and export markets. Cementitious products have cement-like, cementing, or bonding type properties. As the largest state owned producer of aluminium, Bhubaneswar-based Nalco operates alumina-aluminium complex along with a captive power plant, and has embarked on a major expansion programme to raise metal capacity.

Read more in The Economic Times article.

Cos like HAL, NALCO, PFC will get navratna status

Hindustan Aeronautics Ltd, National Aluminium Co and Power Finance Corp are among the seven public sector firms that would be given the navratna status soon, Minister for Heavy Industries Santosh Mohan Dev said on Friday.

An apex committee had recommended granting of navratna status to HAL, NALCO, PFC, Bharat Electronics Ltd, National Mineral Development Corporation, Power Grid Corporation of India and Rural Electrification Corporation Ltd, he said.

He said these would be granted the status as soon as they induct independent directors on their board.

With these, the number of navratna CPSUs under the Heavy Industry ministry would increase from nine to 16. Oil and Natural Gas Corp, NTPC Ltd, BHEL and Indian Oil are among the nine existing navratna companies.

Read more in The Economic Times article