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N Srinivasan as India cements price hike

Cement maker The India Cements Ltd has drawn up plans to raise the price of cement sold per bag by Rs 55 which would be implemented in phases from June, a senior official said on Friday.

The city-based company also planned to “monetize its assets” by selling part of the 26,000-square-foot land owned by the company, which would be used for debt repayments and for improvements to its manufacturing facilities, it said. said Vice President of India Cements, N. dit Srinivasan.

“I am raising the price of cement per bag by Rs 20 on June 1, an additional Rs 15 on June 15 and an additional Rs 20 on July 1,” he told reporters.

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The increase in cement per bag should cover the cost increases the company was facing and the company’s profit and loss account should be better, he said.

Asked about some cement companies who are planning to reduce the retail price of cement per bag, Srinivasan also told the general manager, “Please don’t compare me to others. You see, I have a job to do, my job is general manager of a cement company.. All the costs have gone up and i have to do something (to raise the price) otherwise i will lose more money.”

When asked about the cement price increase which would affect sales, he said it would not affect sales and that India Cements has a “very good brand”.

“It’s for two reasons (why it won’t affect sales) — one — I give the best quality (of cement) and two — people say I’m a good manufacturer, I’ve been there for 75 years old and my testimony is stronger, my brand appeal is very good,” he said.

Regarding the plan to monetize its assets, he said, “What we plan to do is we will monetize and use this excess land for two reasons: to make our repayments and also to bring improvements to factories so that my costs go down substantially.”

“I will monetize to some extent. I have to make my repayments. Last year I repaid Rs. 551 crore, this year around Rs. 500 crore needs to be repaid. I will refinance or repay,” he said. -he declares.

To execute the monetization plan, Srinivasan said the company had formed an “internal committee” of senior executives who would review the sale of the properties.

“I set up a group. He is in charge of monetization. I told them (the group), how much money we need and how much money we need for reimbursement. We have estimated the money we need to plant It’s surplus land, whether it’s Andhra Pradesh, Tamil Nadu or anywhere they can sell,” he said.

He clarified that the company was not planning to sell the “distressed” assets and ensure its liquidity was good.

First post: IS

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