Speaking to CNBC-TV18's Sonia Shenoy and Latha Venkatesh, N Srinivasan, VC & MD, India Cements said that the cement maker is looking to consolidate its cement capacity.
South-based India Cement is planning to ramp up production, anticipating a demand pick up under the new government at the Centre and state. Cement prices have already gone up in most markets by Rs 20-30 per bag.
Speaking to CNBC-TV18's Sonia Shenoy and Latha Venkatesh, N Srinivasan, VC & MD, India Cements said that the cement maker is looking to consolidate its cement capacity. As part of that effort, it plans to merge Trinetra Cements and Trishul Concrete Products with India Cements to bring operations under one company.
The cement industry has been witnessing sluggish growth rates for the past several years, something which Srinivasan hopes will change under the new regime.
Also Read: Price hikes more in 10% range than 30%, say cement cos
India Cements has a capacity ultisation of around 70-71 percent, which it plans to improve in the coming days.
The company is also planning to reduce its Rs 3000 crore debt. Though Srinivasan did not give any details on the specifics, the cement maker is likely to cut debt via sale of its sizeable land bank with an estimated value of Rs 1000 crore.
"We will look to monetize non-core assets," he told CNBC-TV18 adding, the company has no plans to raise capex as of now.
India Cements stock price
On June 11, 2014, at 11:10 hrs India Cements was quoting at Rs 124.95, down Rs 0.05, or 0.04 percent. The 52-week high of the share was Rs 130.60 and the 52-week low was Rs 43.00.
The latest book value of the company is Rs 131.97 per share. At current value, the price-to-book value of the company was 0.95.
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