UltraTech cuts capital expenditure budget
UltraTech Cement has cuts its capital expenditure budget to around $130 million due to the coronavirus pandemic. Work on its 2.2Mt/yr Cuttack grinding unit, which was scheduled for commissioning in March 2021, has been slowed down. Upgrades at its West Bengal and Bihar grinding plants are nearly completed and a waste heat recovery system (WHRS) at its UltraTech Nathdwara Cement subsidiary will be completed in the current financial year. The leading Indian cement producer said that government directives in response to the health crisis had "adversely" affected revenue. Since "select" activities were allowed to re-open from 20 April 2020 and the company says it is now, "dispatching cement from all locations.