| | OCTOBER 20248Brazilian Ambassador to India Kenneth H. da Nobrega said that the bilateral relationship between India and Brazil is now progressing into a new phase in which both the countries are now emerging as key partners in the growth of the global economy. Speaking at the 'NDTV World Summit 2024', Nobrega said the partnership is expanding beyond traditional areas of cooperation like the United Nations or WHO.According to Nobrega, while Brazil and India have a very long history of cooperation in international forums, new developments are pushing their relationship into much more active areas, including renewable energy, food security, and health. "We have been strengthening our bilateral relations to face the big challenges of the world, such as energy, renewable energy, food security, and health, he said, insisting that the two countries are currently increasingly oriented toward the search for solutions to ever more critical global concerns.India has grown at an incredible rate and remains an exceptional reliable partner that contributes notably to global economic expansion," the ambassador wrote, lauding the country's strong economic growth. He also said development of infrastructure and investments in science and technology have played an important role in making the economy successful. "India's economic expansion is laid on solid foundations like financing infrastructure and increased investment in science and technology," he noted."I am fully confident about India's future", said Nobrega. He does not discount even the possibility that India might emerge as the third-largest economy of the world soon. He also dismissed the argument that India's dream to be a developed nation was merely a pipe dream. "These dreams are firmly rooted in reality", he observed, driving home the fact that India was rapidly gaining salience in the global economic and geopolitical space.Continuing cooperation over global challenges, Nobrega's words will confirm a new chapter in bilateral ties motivated by mutual economic growth and each party's aspirations on the world stage. Abig deal in India's cement industry, Ambuja Cements, a part of the diversified Adani Group said that it would buy 46.8 percent stake in Orient Cement Ltd (OCL) in an all-equity deal for an equity value of Rs 8,100 crore. Ambuja will be funding the entire amount through internal accruals. The acquisition would add to the cement footprint already existing in the country and help improve logistic efficiencies.Ambuja Cements' Director, Karan Adani said, "This timed acquisition marks another significant step forward in Ambuja Cements' accelerated growth journey, increasing cement capacity by 30 million tonnes per annum (MTPA) within two years of Ambuja's acquisition". With this, Ambuja aims to achieve a total cement capacity of 100 MTPA by FY25, thereby expanding its presence in core markets and boosting its market share by an estimated 2 percent.Orient Cement stands tall in terms of the operational capabilities. Currently it has a clinker capacity of 5.6 MTPA and a cement capacity of 8.5 MTPA. In addition to that, statutory approvals are also in place for another 6.0 MTPA clinker capacity and cement capacity of 8.1 MTPA. In addition to this, OCL has a limestone mine in Chittorgarh, North India, wherein an Integrated Unit (IU) of 4 MTPA clinker capacity and a split Grinding Unit (GU) of 6 MTPA are proposed.Karan Adani emphasized the strengths of OCL's assets, railway sidings and captive power plants supported by renewable energy and AFR facilities. He added, "OCL's strategic locations, with high-quality limestone reserves and requisite statutory approvals, present an opportunity for increasing cement capacity in the near term to 16.6 MTPA".We are confident that the Adani Group, with a great focus on cement and infrastructure, is an ideal new owner to ensure further growth for the benefit of our people and stakeholders", added CK Birla, Chairman of Orient Cement and CK Birla Group.With this acquisition, Ambuja Cements, along with its subsidiaries ACC Ltd, Penna Cement Industries Ltd, and Sanghi Industries Ltd will add up its total cement capacity to 88.9 MTPA. Currently, the group operates 20 integrated cement manufacturing plants, 20 cement grinding units, and 12 bulk terminals in India. IN FOCUSIN FOCUSINDIA-BRAZIL TIES ENTER NEW ERA OF ECONOMIC GROWTHAMBUJA CEMENTS ACQUIRES 47 PERCENT STAKE IN ORIENT CEMENT
<
Page 7 |
Page 9 >