‘Future of India Cements employees is in safe hands’

Rupa Gurunath 
| Picture Credit score: Ok. Pichumani

The way forward for India Cements workers is in secure fingers and will likely be taken care of by UltraTech Cement, the brand new house owners, mentioned India Cements’ whole-time Director Rupa Gurunath.

Addressing the 78^th AGM of India Cements through video-conferencing, Ms. Gurunath mentioned that the cement main was taking steps to include variable and glued prices.

When shareholders requested her concerning the proposed takeover of ICL by UltraTech, she mentioned, “We gained’t be capable to remark whether or not UltraTech will merge ICL with UltraTech.”

“ICL workers will likely be taken care of and they are going to be in secure fingers. Shareholders’ worth will improve within the coming days,” she mentioned.

Ms. Gurunath additionally mentioned that ICL had engaged the providers of Boston Consulting Group (BCG) for enhancing operational effectivity including that ICL had been repeatedly working for a discount of gas prices and she or he hoped that UltraTech will proceed the efforts.

“Implementation of BCG suggestions has contributed to growing the utilization of alternate gas for which additional investments are additionally being envisaged on the crops,” mentioned Vice Chairman and Managing Director N. Srinivasan.

ICL had taken pro-active steps for enhancing liquidity by promoting the Parli grinding unit amongst others. Nevertheless, capability utilisation was severely impacted by the continual liquidity crunch on account of losses sustained within the earlier quarters.

ICL couldn’t benefit from the diminished gas price as working margins shrank additional on account of low volumes.

In response to Mr. Srinivasan, the upper price of manufacturing, as in contrast with friends, as a consequence of various classic of the crops along with a free fall in cement costs affected dispatch and margins.

The growing desire for residence possession and the rising development of rebuilding of houses in city and semi-urban centres augured effectively for the strong progress within the building sector, he added.