Investments

• Bihar Chief Minister Mr. Nitish Kumar laid the foundation for a Rs. 1,600 crore (US$ 191 million) cement grinding unit by Ambuja Concrete in Nawada. The 6 MTPA project will create 250 direct and 1,000 indirect jobs, with the first phase expected by December 2025.
• UltraTech Cement will deploy 500 electric trucks and 1,000 LNG/CNG vehicles by June 2025, cutting transport-related carbon emissions by 680 tonnes annually. Currently, it operates over 390 CNG and 50 LNG trucks. UltraTech aims to increase its green energy usage to 85% by 2030 and expand its production capacity to 200 million tonnes.
• Shree Cement plans to invest Rs 2,000 crore (US$ 240 million) to expand its cement production capacity in Uttar Pradesh by nearly 7 million tonnes annually over the next 24 months. The expansion includes new 3.5 MTPA facilities in Etah and Prayagraj, initiated under an MoU with the state government.
• Ramco Cements Ltd proposes a Rs.1403 crore (US$ 168 million) investment to double capacity at its Kalavatala plant in Andhra Pradesh and set up a 10 MW waste heat recovery system at its Ramasamy Raja Nagar plant in Tamil Nadu, aiming for a total installed capacity of 19 MTPA for clinker and 26 MTPA for cement by FY26.
• UltraTech Cement allocates Rs. 32,400 crore (US$ 3.89 billion) for capital expenditure over the next three years, aiming to increase capacity to 200 MTPA; recent commissioning of two greenfield projects adds 5.4 MTPA, with ongoing expansions set to bring total capacity to 198.2 MTPA, supporting India's robust growth trajectory in the cement sector.
• FDI inflows in the industry, related to the manufacturing of cement and gypsum products, reached US$ 6.10 billion between April 2000-December 2023.
• JSW Group initiates IPO process for JSW Cement, aiming to raise Rs. 6,000 crore (~US$ 723 million),potentially the largest in the sector, with an array of bankers enlisted. Plans include diluting 10-15% stake, with further dilution over two years for capacity expansion to 60 MTPA.
• Shree Cement announces US$ 844 million (Rs. 7,000 crore) investment for 12 million tonnes capacity expansion in India, including clinker manufacturing plants in Rajasthan and Karnataka, along with cement plants in Rajasthan, Uttar Pradesh, and Karnataka by March 2025 .
• UltraTech Cement Limited pledged Rs. 1,000 crore (US$ 120.3 million), while Star Cement committed Rs. 650 crore (US$ 78.3 million) on the inaugural day, December 13, of the Bihar Business Connect-2023 Global Investors Summit at Gyan Bhawan, Patna. 15 prominent companies in general manufacturing also signed Memorandums of Understandings.
• In 2023, infrastructure emerged as the top sector, attracting US$ 11.6 billion across 57 deals, marking a 29% year-on-year growth (compared to US$ 9 billion across 75 deals in 2022), representing the second-highest investment level ever in PE/VC.
• Real estate followed closely as the second-largest sector in 2023, witnessing a record-high of US$ 8 billion across 55 deals, reflecting a 15% increase year-on-year (compared to US$ 6.9 billion across 95 deals in 2022), marking the highest-ever value of PE/VC investments in this sector.
• In October 2023, the real estate sector received the second-highest PE/VC investments at US$ 601 million across six deals.
• In December 2023, UltraTech Cement concluded an agreement to acquire Kesoram Cement from Kesoram Industries for US$ 912 million.
• In November 2023, ACC received a renewed licence for its Rajasthan limestone mine, allowing it to increase its extraction of limestone there to 1.5 million tonnes per year. 
• In October 2023, UltraTech Cement announced planned new capital expenditure (CAPEX) investments worth US$ 1.56 billion to grow its production capacity, beginning in the 2026 financial year.
• In October 2023, Dalmia Bharat announced a planned investment of US$ 10.9 million in a grinding unit expansion at its 1 million tonnes/year Banjari cement plant in Bihar.
• In April 2023, the infrastructure and real estate asset class recorded US$ 3 billion in PE/VC investments, an 82% increase y-o-y and a 3% increase over March 2023.
• An MoU was signed between Star Cement Limited and the Government of Assam for an investment worth Rs. 1,400 crore (US$ 170.9 million) for setting up a Cement Grinding unit in Guwahati and another Cement Grinding unit in Cachar and AEC Block and other construction manufacturing units in Guwahati.
• Ramco Cements is planning to invest a total of US$ 91.3 million towards growing its capacity in FY24. Its planned investments consist of US$ 15.8 million in an expansion to its Haridaspur grinding plant in Odisha and US$ 75.5 million in the acquisition of land in Bommanalli, Karnataka, on which to establish a limestone mine.
• Dalmia Cement (Bharat) is planning to invest US$ 560 million following the signing of a memorandum of understanding (MoU) with the Assam government on the construction of a new cement plant in the state.
• The real estate sector received the highest value of PE/VC investments in Q1 (January-March) of 2023 at US$ 5 billion, registering a year-over-year 123% growth.
• In 2022, PE/VC investments in real estate and infrastructure stood at US$ 5.81 billion across 71 deals and US$ 7.9 billion across 47 deals respectively.
• PE/VC investments in real estate and infrastructure witnessed a sharp growth of 27%, at US$ 13.7 billion in December 2022 as compared to US$ 10.7 billion in December 2021.
• India’s export of panel cement, clinkers, and asbestos cement products stood at US$ 682.32 million in FY23 while the imports were US$ 288.42 million.
• As per DGCIS, India’s export of Portland cement, aluminous cement, slag cement, super sulphate cement and similar hydraulic cement stood at US$ 118.15 million in FY21.
• In 2021, working remotely is being adopted at a fast pace and demand for affordable houses with ticket sizes below Rs. 40-50 lakh (US$ 53,694-67,118) is expected to rise in Tier 2 and 3 cities, leading to an increase in demand of cement.

Some of the major investments and developments in the Indian cement industry are as follows:

• In June 2024, Ambuja Cement signed an agreement to acquire Penna Cement for Rs. 10,422 crore (US$ 1,24 billion), a move expected to boost Adani Group's production capacity to over 140 million tonnes per annum (MTPA) by 2028. This acquisition will add 14 MTPA of production capacity, providing Ambuja Cement with an additional 3 million tonnes of clinker and 4 million tonnes of cement capacity. The deal is anticipated to enhance Ambuja's market share in South India by 8-15% and provide entry into the Sri Lankan market, while also allowing for further inorganic growth opportunities.
• In July 2023, Shree Cement Ltd announced the commencement of commercial production at its clinker grinding unit in the Purulia district of West Bengal which has an annual cement capacity of 3 MT.
• In June 2023, JSW Cement entered an agreement for a sustainability-linked loan (SLL) with BNP Paribas, to secure approximately Rs. 414 crore (US$ 50 million). The capital raised through this agreement will be utilised by JSW Cement to support its capacity expansions, aligning with its long-term objective of achieving a cement-making capacity of 50 MTPA in India.
• In May 2023, ACC launched Bagcrete, a hassle-free and user-friendly concrete solution for all types of construction demands, which is a pre-blended mixture of cement, sand, and aggregates.
• In May 2023, Adani Group-owned ACC and Ambuja Cements launched a modern Cement and Concrete R&D facility at Kalamboli on the outskirts of Mumbai.
• In May 2023, Dalmia Cement (Bharat) launched Dalmia Supreme cement, a Portland pozzolana cement (PPC), in the Eastern India market. 
• In April 2023, Dalmia Bharat's wholly-owned material subsidiary-Dalmia Cement (Bharat) commenced commercial production at its second cement line at its Bokaro, Jharkhand Cement Works 2 (JCW2).
• In April 2023, UltraTech Cement commissioned an upgrade to its grinding plant at Patliputra in Bihar. The 2.2 million tonnes (MT) per year upgrade brings the total capacity of the unit to 4.7 MT per year.
• Ambuja Cements' parent company-Adani Group has said that the cement producer aims to more than double its sales to US$ 8.5 billion in 2028. Ambuja Cements currently was expecting to record sales of US$ 3.61 billion in 2023.
• Dalmia Bharat plans to expand its footprint in Central, Northern, and Western India through capital expenditure investments, in order to reach a pan-India cement capacity of 54 MT/year by the end of FY24. 
• In December 2022, UltraTech Cement completed a greenfield grinding capacity at the Dhule Grinding unit in Maharashtra with a capability of 1.8 million tonnes per annum (MTPA).
• In December 2022, UltraTech Cement commissioned a second grinding capacity with a brownfield clinker of 1.8 MPTA capacity at Dhar Cement Works in Madhya Pradesh.
• In September 2022, a 6.7 Mega Watts ground-mounted solar project was completed by Shree Cement Group in Haryana.
• In August 2022, an integrated cement unit of 3 million tonnes capacity is being set up in Andhra Pradesh. The project is estimated to be completed by Q2 of FY 2024-25.
• Ametha Integrated Unit will be set to be commissioned by July 2023, which is expected to increase cement capacity by 3.3 MTPA.
• In June 2022, UltraTech Cement approved Rs. 12,886 crore (US$ 1.65 billion) capital expenditure to increase capacity by 22.6 million tonnes per annum (MTPA) through brownfield and greenfield projects.
• PE/VC investments in real estate and infrastructure stood at US$ 338 million and US$ 795 million respectively in September 2022.
• Cement production in India increased by 12.1% in September 2022 compared to September 2021.
• In October 2022, UltraTech announced that it has been granted Environmental Product Declaration (EPD) certificates for four of its cement products, which are Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC) and PCC (Portland Composite Cement).
• In May 2022, Adani Group acquired a 63.1% stake in Ambuja Cements Ltd along with related assets. Ambuja's local subsidiaries include ACC Ltd, which is also publicly traded.
• In February 2022, ACC Limited, announced the successful commissioning of a 1.6 MTPA Grinding Unit (GU) at Tikaria in Uttar Pradesh.
• In November 2021, UltraTech Cement announced its commitment to the Global Cement and Concrete Association (GCCA) 2050 Cement and Concrete Industry Roadmap to produce carbon-neutral concrete by 2050.
• In November 2021, Dalmia Cement announced plans to produce 100% low-carbon cement by 2031. The company has a US$ 405-million carbon capture and utilisation (CCU) investment plan to help it realise its goal.
• Dalmia Cement plans to spend US$ 1.35 billion to increase its installed cement capacity by 52% to 50MT/yr from 33MT/yr before FY2024.
• In November 2021, Dalmia Cement announced plans to invest US$ 70.1 million for setting up its upcoming 2MT/yr cement plant in Bokaro, Jharkhand.
• In October 2021, JK Cement Ltd. signed a long-term strategic Memorandum of Understanding (MoU) with Punjab Renewable Energy Systems Private Limited (PRESPL). The MoU is part of JK Cement’s attempts to decarbonize its operations and significantly scale up the use of biomass-based and alternate fuels as replacements to fossil fuels, like coal, in its manufacturing operations.
• In October 2021, JSW Group collaborated with Salesforce to support an ambitious digital strategy. Using Salesforce’s Sales Cloud and Service Cloud, JSW Group will offer a single group interface, enhancing distribution, customer experience and supply chain for the large project division across its steel and cement businesses.
• In October 2021, Hyderabad-based Penna Cement Industries, received approval from the capital markets regulator Securities and Exchange Board of India (SEBI), to go ahead with its Rs. 1,550 crore (US$ 206.75 million) initial public offering (IPO).
• In September 2021, Ambuja Cement launched ‘Concrete Futures Laboratory’, a one-stop solution that will enable budding professionals to test, learn and experience various aspects of cement and concrete.
• In September 2021, the Odisha government approved the Ramco Cements expansion plan with an additional grinding capacity of 0.9 MTPA capacity at Haridaspur in Jajpur with an investment value of Rs. 190 crore (US$ 25.5 million).