, Columnist
Crumbling Demand Dogs India’s Biggest Cement Maker
Ultratech has the right idea to consolidate, but construction projects are stalling.
Cement tanker trucks are filled from a ship at the Jawaharlal Nehru Port in Navi Mumbai, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
One of India’s most acquisitive companies is buying up cement kilns across the country, going from big to bigger. It’s got the right plan, but who’s buying the cement and actually building?
Ultratech Cement Ltd. is one of the world’s biggest cement manufacturers, with the capacity to put out 90 million tons a year from plants sprinkled across India. It purchased distressed assets from Jaiprakash Associates Ltd. and is battling to buy even more out of bankruptcy.