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Shree Cement

Shree Cement Limited
Company typePublic
IndustryBuilding materials
Headquarters
Kolkata, West Bengal (corp.)
Beawar, Rajasthan (regd.)
Key people
ProductsCement
RevenueIncrease ₹21,119 crore (US$2.5 billion) (2024)[1]
Increase ₹2,959 crore (US$350 million) (2024)[1]
Increase ₹2,396 crore (US$290 million) (2024)[1]
Total assetsIncrease ₹27,953 crore (US$3.3 billion) (2024)[1]
Total equityIncrease ₹20,744 crore (US$2.5 billion) (2024)[1]
Number of employees
6,185 (2021)[1]
Websitewww.shreecement.com

Shree Cement is an Indian cement manufacturer, founded in Beawar, Rajasthan, in 1979. Now headquartered in Kolkata, it is India's third largest cement producer by capacity[2][3] and second largest cement company by market capitalisation.[4] Shree Cement has an installed capacity of 50.9mt including overseas operations.[5] It also produces and sells power under the name Shree Power (captive power plant) and Shree Mega Power (independent power plant).[6][7]

History

Shree Cement was incorporated in 1979 by Benu Gopal Bangur. In 1983, it commissioned its first plant in Rajasthan, with production beginning in 1985. In 1995, Bangur's family gained full control of the business. Bangur's son Hari Mohan Bangur, who had joined his father after graduating from IIT Bombay in 1975, is the current head of the company. In 2003, Hari Mohan Bangur's son Prashant Bangur too joined the business.[8]

In 2018, Shree Cement acquired UAE-based Union Cement, which had a capacity of 4mt in the Emirate of Ras Al Khaimah, for $305 million.[9]

In November 2019, the company raised Rs 2,399.99 crore through a qualified institutional programme. Nearly two years later, post fund-raising in September 2021, the company announced that it is infusing capital as part of its capex plans. The company announced it will invest Rs 4,750 crore until FY 2024. It commissioned an integrated cement plant at Nawalgarh, Rajasthan, which will be operational by December 2023. The Rajasthan plant consists of 3.5 MTPA cement and 3.8 MTPA clinker facility. The capex also includes a 3 MTPA clinker plant near Purulia, West Bengal.[8]

Cement plants

Plants are located in Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan, Laksar (Roorkee) in Uttarakhand,[2] Panipat in Haryana, Bulandshahar in Uttar Pradesh,[10] Raipur in Chhattisgarh, Seraikela in Jharkhand and Aurangabad in Bihar.[3][11]

In 2023, the company opened a new cement grinding unit with a capacity of 3 million metric tonnes per annum in Purulia district, West Bengal through its subsidiary, Shree Cement East.[11] The facility was inaugurated by the Chief Minister of West Bengal, Mamata Banerjee.[11]

In March 2024, the company acquired five ready-mix cement (RMC) plants in Mumbai from StarCrete LLP.[12][13]

Power plants

The company produces and sells power under the brand name Shree Power and Shree Mega Power (SMP).[14]

Controversies

In 2018, six workers died at the under-construction Shree Cement factory in Kalaburagi district, Karnataka, after a crane collapsed.[15] In 2024, it was reported that four workers had died in separate incidents at the same factory, prompting the district collector to launch an investigation into the factory's safety protocols.[16]

References

  1. ^ a b c d e f "Shree Cement Ltd. Financial Statements" (PDF). bseindia.com. Archived from the original (PDF) on 14 May 2024.
  2. ^ a b "Shree Cement cracks, MD says no tax evasion". The Times of India. 27 June 2023. ISSN 0971-8257. Retrieved 4 January 2024.
  3. ^ a b "Shree Cement commissions new klin at Rajasthan at ₹3,500 cr". BusinessLine. 14 December 2023. Retrieved 4 January 2024.
  4. ^ "Shree Cement plans to bid in India's lithium auction". Reuters.
  5. ^ Dutt, Ishita Ayan (9 August 2022). "Shree Cement 'very bullish', setting up new factories: MD Bangur". www.business-standard.com. Retrieved 27 September 2022.
  6. ^ "Shree Cement's Hari Mohan Bangur: On solid ground | Forbes India". Forbes India. Retrieved 16 December 2017.
  7. ^ "Concrete Growth". Business Today. No. Sept 2014. News. 28 September 2014. Retrieved 19 March 2015.
  8. ^ a b "Cementing A Sustainable Future". Forbes India. Retrieved 27 September 2022.
  9. ^ Kanungo, Soumonty (12 January 2018). "Shree Cement to buy 93% stake in UAE-based Union Cement for $305 million". Mint. Retrieved 29 August 2024.
  10. ^ "Shree Cement to invest Rs 6000cr to increase capacity". constructionweekonline.
  11. ^ a b c "Shree Cement inaugurates cement grinding unit with 3 MTPA capacity in West Bengal - ET RealEstate". ETRealty.com. Retrieved 4 January 2024.
  12. ^ "Shree Cement purchases five ready-mix cement plants in Mumbai for Rs 33.50 crore - ET RealEstate". ETRealty.com. Retrieved 3 April 2024.
  13. ^ "Will explore acquisition possibilities at the right price: Shree Cement V-C". Businessstandard.
  14. ^ indiainfoline.com. "Cement Sector likely to benefit in the coming years". Retrieved 16 December 2017.
  15. ^ "Six factory workers killed in a freak accident in Kalaburagi". The Hindu. 3 August 2018. Retrieved 29 August 2024.
  16. ^ "ಕಾರ್ಮಿಕರ ಸರಣಿ ಸಾವು: ಮೃತ್ಯುಕೂಪವಾದ ಸೇಡಂನ ಶ್ರೀ ಸಿಮೆಂಟ್ ಕಾರ್ಖಾನೆ". TV9 Kannada (in Kannada). 24 July 2024. Retrieved 29 August 2024.
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