About
Dalmia Bharat Ltd
Dalmia Bharat Limited (DBL), a leading cement major producers, was established in 1939 by Shri Jaidayal Dalmia with a cumulative installed capacity of 38.6 MTPA. The Company presently has 14 manufacturing plants, serving customers across 22 states with a network of 41,000+ dealers and sub dealers. It has a significant market presence in each of its three businesses - Cement, Sugar and Refractories.
Dalmia Bharat Limited (DBL) was incorporated on July 12, 2013 in the name of Odisha Cement Limited under the Companies Act, 1956 and as per the Scheme of Arrangement and Amalgamation approved by the NCLT, Chennai, the name of the Company was changed from Odisha Cement Limited to Dalmia Bharat Limited vide fresh certificate of incorporation dated April 15, 2019.
The Board of Directors of the Company had, at its meeting held on March 28, 2016, approved the Scheme of Arrangement and Amalgamation amongst the Company, OCL India Limited, Dalmia Cement East Limited, Shri Rangam Securities & Holdings Limited and Dalmia Bharat Cements Holdings Limited and their respective shareholders and creditors. The Scheme 1 involves the following: (a) Slump Sale of Rail, Power & Solid Waste Management System Undertakings of OCL India Limited (the holding company) to the Company as a going concern, together with all its properties, assets, liabilities, rights, benefits and interest therein, without assigning value to individual assets and liabilities. (b) Amalgamation of residual of OCL India Limited with the Company. (c) Slump Sale of Rail & Solid Waste Management System Undertakings of Dalmia Cement East Limited to the Company as a going concern, together with all its properties, assets, liabilities, rights, benefits and interest therein, without assigning value to individual assets and liabilities; (d) Amalgamation of (i) residual Dalmia Cement East Limited, (ii) Dalmia Bharat Cements Holdings Limited and (iii) Shri Rangam Securities & Holdings Limited with the Company; and (e) Change in name of the Company to 'OCL India Limited'. The Scheme 1 has also been consented to by the shareholders of the Company and approved by various authorities and by the shareholders of other companies involved in the Scheme 1 as per the provisions of law. The proceedings with respect to Scheme 1 are pending before jurisdictional National Company Law Tribunal Bench(s) for their sanction.
The Board of Directors of the Company had, at its meeting held on November 05, 2016, also approved the Scheme of Arrangement and Amalgamation amongst the Company, Dalmia Bharat Limited and Dalmia Cement (Bharat) Limited (Scheme 2). The Scheme 2 involves the following: a) The reduction and reorganization of authorized, issued, subscribed and paid-up share capital of the Company; b) Amalgamation of Dalmia Bharat Limited with the Company and reduction of the entire issued, subscribed and paid-up share capital of the Company held by Dalmia Cement (Bharat) Limited and corresponding reduction of the securities premium account of Dalmia Cement (Bharat) Limited; and c) The transfer and vesting of Transferred Undertaking (as defined in the Scheme 2) of the Company (post the Amalgamation of Dalmia Bharat Limited with the Company), to Dalmia Cement (Bharat) Limited by way of Slump Exchange. Scheme 2 is inter alia conditional upon the effectiveness of the Scheme 1, subject to approval of shareholders, creditors and other applicable regulatory authorities.
The registered office of the Company has been shifted from the State of Odisha to the State of Tamil Nadu under the Jurisdiction of the Registrar of Companies, Chennai with effect from September 02, 2016.
Pursuant to the Schemes of Arrangement and Amalgamation, the Company had, on October 27, 2018, issued and allotted 5,69,00,220 equity shares of Rs.10/- each to the shareholders of erstwhile OCL India Limited and the Company got listed and started trading on BSE Limited and National Stock Exchange of India Limited with effect from December 21, 2018. Out of said 5,69,00,220 equity shares, 2,65,428 equity shares were allotted to the Investor Education and Protection Fund and the dividend accrued on the said shares amounting to 74,51,227.67 (@ Rs.1.70 per share declared by the Company at its Annual General Meeting held on December 31,2018) has also been transferred to Investor Education and Protection Fund. Further Pursuant to the Scheme, the share capital of the Company was then reduced on January 09, 2019 to 1,44,20,947 equity shares of Rs.2/- each by reduction of face value of shares from Rs.10/- each to Rs.2/- each and cancellation of cross holding of Dalmia Cement (Bharat) Limited. The said Shares of the Company post reduction got listed and trading commenced with effect from January 22, 2019. Further, on January 09, 2019 the Company had issued and allotted 17,83,06,606 equity shares of Rs.2/- each to the shareholders of erstwhile Dalmia Bharat Limited and the same got listed and trading commenced with effect from January 25, 2019.
The Company had 30 subsidiaries and 2 joint venture companies as on March 31, 2019.
The name of the Company has been changed from Odisha Cement Limited to Dalmia Bharat Limited with effect from April 15, 2019.
During the financial year 2018-19, the Company's material subsidiary, namely Dalmia Cement (Bharat) Limited (DCBL), has given a bank guarantee of Rs.50 Crore to the Resolution Professional appointed for revival of Murli Industries Limited (MIL) as per the Resolution Plan filed pursuant to the provisions of Insolvency and Bankruptcy Code and recommended by the Committee of Creditors to the National Company Law Tribunal, Mumbai Bench for its approval. Following receipt of requisite approvals, the Resolution Plan provides for payment of Rs.402 Crore to the creditors of MIL. The matter is currently pending disposal at the NCLT, Mumbai Bench.
During the financial year ended 31st March, 2019, certain mutual fund units (Securities) valued at Rs.344 Crore (value as on 31st December, 2018 and carried at same value) were illegally and fraudulently transferred by one of the Depository Participant (DP), from demat accounts of its subsidiary company namely DCBL. Based on the complaint filed by DCBL and after preliminary enquiry, the Economic Offences Wing, Delhi (EOW) directed the Clearing Agent of DP (i.e. ISSL) not to deal with the Securities and also froze such Securities till further orders.
The Government of Assam granted Mega Project status to one of the step down Subsidiary namely Calcom Cement India Limited (COIL), under the Industrial and Investment Policy of Assam 2014 for the investment done for establishment of clinkerisation unit at Umrangshu (Assam). The said unit will be entitled to 100% reimbursement of net State Goods and Services Tax (SGST) paid for a period of 15 years from the date of commercial production. Accordingly, 100% remission of SGST for the period from July 01, 2017 to March 31, 2019 of Rs.51 crores has been recognized as income on reasonable assurance during the year under review.
During the year 2019, the profitability of CCIL improved on account of better utilization of installed capacity, increase in demand of cement and also recognition of remission of SGST. Accordingly, CCIL recognised deferred tax assets of Rs.51 crores during the current year under review.The Cement manufacturing facility at one of the step down subsidiary namely, Dalmia DSP Limited, has been commissioned on March 31,2019.
The Company had 31 subsidiaries and 2 joint venture companies as on March 31, 2020. In FY'20, the Company acquired OCL Limited in Eastern India and acquired Kalyanpur Cement, in Bihar, which was ranamed as Dalmia DSP Limited. It restructured as a single listed entity, reducing the number of subsidiaries from 6 to 2. It launched Craft Beton. It increased the installed capacity to 26.5 million tonnes per annum.
In FY'22, Company launched Dalmia Cement Future Today (DCFT) and Infra Pro-from the first manufacturing facility in Maharashtra. It started commercial operation of new cement grinding plant having capacity of 2.25 MnT at Dalmia DSP Unit- II near Cuttack, Odisha. AQC Boiler was commissioned in August 2021 and PH Boiler in October 2021 for Kadappa power. It commissioned Solar power plants for Medinipur - 4.10 MWp in October 2021 and Kapilas - 17.5 MWp in November 2021. It established a new alternative fuels and raw materials (AFR) feeding system to coprocess different kinds of waste at their Ariyalur plant in Tamil Nadu. In FY22, it increased 9.4 MW units of WHRS and 22.1 MW of solar power capacity. Besides, it offloaded 5.2% equity stake in the India Energy Exchange (IEX) for Rs. 614 crore.
During the year 2022-23, the Paper and Solvent Extraction Undertakings of Murli Industries Limited were demerged into two wholly owned subsidiaries of Dalmia Cement (Bharat) Limited (DCBL), namely Ascension Mercantile Private Limited and Ascension Multiventures Private Limited. Subsequently, Murli Industries Limited having remaining business was amalgamated with DCBL. Resulting to the said Scheme, Dalmia DSP Limited merged with DCBL effective from July 1, 2022; Dalmia Bharat Green Vision Limited, a wholly owned subsidiary of DCBL, was incorporated to set up three green field cement projects in Tuticorin, South Chennai and North Bihar to add 5.5 MnTPA cement capacity.
During the year 2022-23, DCBL, wholly owned subsidiary of the Company acquired Clinker, Cement and Power Plants from Jaiprakash Associates Limited and its associate having total cement capacity of 9.4 MnT (along with Clinker capacity of 6.7MnT and Thermal Power plants of 280MW) at an Enterprise Value of Rs 5,836 Crore in the States of Madhya Pradesh, Uttar Pradesh & Chhattisgarh. On April 25, 2023, DCBL has sold its entire investment of 1,87,23,743 equity Shares of Rs 10 each (42.36% of share capital) of Dalmia Bharat Refractories Limited, an associate company, at a consideration of Rs 800 crore to M/s Sarvapriya Healthcare Solutions Private Limited, a Promoter Group Company. DCBL enhanced its Cement capacity to 38.6 MnT; Clinker Capacity to 21.7 MnT; Solar Power capacity to 100 MW and West Heat Recovery System Power to 66 MW. In addition to that, 2nd Cement line at Jharkhand Bokaro Cement Manufacturing Works with 2.5 MnT capacity was set up and trial production and sales invoicing begun.
Dalmia Bharat Ltd
Chairman Speech
Staying on a high growth path
Dear Shareholders,
FY23 was an eventful year for India and the world. While escalating
geopolitical tensions and supply chain constraints raised commodity and energy prices to
historically highs, and incited recessionary fears, the Indian economy was an epitome of
resilience, aided by structural strengths and the government?s thrust on
infrastructure-led growth. India battled high inflation and the consequent rise in
interest rates, but there were no detrimental consequences to consumption or investments.
At Dalmia, we believe that our future is intertwined with that of
India?s ambitions. As India marches ahead to become a developed
nation by 2047, we view ourselves as a reliable partner in this progress as well as in the
nation?s commitment to creating a green and sustainable future. Over the past decade,
we have grown 4x in capacity, 5x in revenue, and 4x in EBITDA, becoming the fourth-largest
player the cement industry in India. We have embarked on an aggressive expansion path to
become a pan-India pure play cement company and address the country?s diverse
development needs, with sustainability as a core strategic imperative. In this context, it
gives us immense pleasure to present to you our seventh Integrated Annual Report that
encapsulates how we have emerged stronger and resilient, navigating challenges, adapting
to evolving market dynamics, and delivering sustainable value to our stakeholders. The
strong performance across financial and non-financial parameters speaks volumes about our
strong fundamentals and ability to capitalise on the India growth story.
Well positioned in a buoyant market
Over the past few years, India has focused on strengthening its
infrastructure backbone to drive overall growth and development.
The Union Budget FY24 raised the allocation for essential
infrastructure by 33%, while the Pradhan Mantri Awas Yojana (PMAY) received a 66% higher
outlay. Additionally, there is a record-high outlay allocated for railways for the next 10
years, and there are plans to build 50 new airports. Significant public spending on
infrastructure has also created an enabling environment for private investors. Real estate
sector has been showing strong traction with low inventory levels and launch of various
new projects. We believe the demand for cement will remain strong in the years ahead,
which bodes well for our strategic objectives to expand our footprint across the country.
At Dalmia, we are making steady progress towards our target to take our
manufacturing capacity to 110-130 MTPA by 2031. During FY23, we expanded our cement
manufacturing capacity by almost 15%, from 35.9 MTPA to 38.6 MTPA, and to 41.1 MTPA in
Q1FY24.
Strong performance despite challenges
During FY23, we have delivered an industry leading volume, growth of
15.9% YoY while our revenue grew by 20% YoY to 13,540 crore. While our PAT stood at 1,079
crore, up 27.6% YoY. In April 2023, we also started operations at our second cement line
in Bokaro, Jharkhand, with a capacity of 2.5 MTPA. We also signed the definitive agreement
for the acquisition the strategically located cement assets of
Jaiprakash Associates Limited, which will enable us to enter the
lucrative growth market of central India.
People at the core of our growth agenda
Our people make us who we are, and we are grateful to our immensely
talented team and their contribution to driving our business forward. Growing at the pace
that we are, it is important to create and nurture a large pool of young leaders to
realise our vision for Dalmia 2.0. We have significantly invested in our human capital and
have always prioritised creating a safe and work environment for our people creating a
positive and safe work environment. We have set in motion a HR transformation programme.
Through this, we aim to streamline our organisation structure, build a diverse workforce,
upskill our employees, focus on succession planning, relook at the incentive structures
and update our policies, among others. We have also launched
‘Lakshya?, a leadership development programme that includes a
set of metrics that focus on retaining employees while measuring their performance. The
includes It personalised leadership, coaching, training, and programmes for career
development.
Delivering excellence and value
For us, having a positive impact on our stakeholders is of utmost
importance. We believe in doing business with integrity and the highest ethical standards
in all our operations. We strive for excellence in everything we do, from our products and
services to our relationships with all our stakeholders. Through our operations, we ensure
that we deliver profitable and sustainable shareholder returns to our financial capital
providers, while consistently innovating our products and services for our customers. We
are deeply committed to our social responsibility, with an intent to bring positive change
in the communities in which we operate. As we move forward, our focus remains on
innovation and sustainability. We are investing in cutting-edge technologies, leveraging
digitalisation, and fostering a culture of continuous improvement. We are also steadfast
in our commitment to sustainability, reducing our environmental footprint, promoting
circular economy practices, and contributing to a greener future.
Read more on page 32
Sustainability-a strategic imperative
Our efforts have been globally recognised by the First Mover?s
Coalition, backed by the US ofgovernment and the World Economic Forum, Dalmia Bharat is
also one of the only 16 global companies to be appointed as a COP26 business leader by the
COP26 presidency. We have set a vision of becoming carbon neutral by 2040, and have also
joined the RE100, EP100 and EV100 campaigns to, further accelerate our efforts.
We also got the opportunity to be a part of the PM?s delegation to
Denmark, under the green strategic partnership of the
Government of India and Denmark. Here we signed an MoU with FLSmidth,
Denmark, a cement and technology company, to collaborate and develop breakthrough
innovations to support sustainability in the cement industry.
We are committed to ethical business practices and transparency. Our
objective is to strengthen our governance structures, ensuring that our decision-making
processes are guided by integrity and accountability. We are working towards enhancing our
supply chain management practices, working closely with our value chain partners. By
operating with the utmost ethical standards, we build trust and credibility with our
stakeholders.
Effective capital allocation requires a thorough understanding and
management of risks. We employ robust risk management practices to identify, assess, and
mitigate risks associated with our investment decisions.
Dalmia Bharat?s ethos are built on trusteeship and giving back to
the society. Taking this ahead through our Community Development initiatives, the Dalmia
Bharat Foundation directs its efforts towards enabling communities to have a sustainable
future, by helping them manage their human and natural capital in an efficient manner.
Moreover, we have also received accreditation for our green products from two prominent
green rating systems, i.e., GRIHA and CII IGBC. These initiatives and opportunities lay
further emphasis on our goal of building a sustainable future.
As a ‘Monument Mitra? of the Red Fort, Delhi, under the
government?s ‘Adopt a Heritage
Project?, we are promoting national symbol as a global tourist
attraction. For this, Dalmia Bharat has introduced world class amenities and state of-the
art shows to deliver a unique experience for all.
There are three major attractions at the Red Fort The Red Fort Visitor
Centre, Matrubhumi Projection Mapping, and the Jai Hind Sound & Light show. We
provided basic and advanced tourist facilities at the Red Fort in a planned and phased
manner to make the monument more tourist-friendly and enhance its cultural importance and
potential.
This is a testament to our commitment towards nation building and
celebrating India?s incredible cultural heritage.
Way forward
Our future growth roadmap features a mix of organic and inorganic
opportunities with a focus on premium products, raw material security, and renewable
energy. A few priorities for FY24 include the timely completion of our ongoing capex and
the successful integration of the Jaypee
Cement asset. We will work to improve our manufacturing KPIs and also,
build long-term raw material security. And last but not least, we will continue to
investing in the digital enablement of our Company.
In line with India?s commitment to achieve net zero emissions by
2070 and drive green energy transition, we are prepared to be part of this sustainable
growth journey. We remain optimistic about the future and thank all our stakeholders for
their immense faith in us. We are grateful to our people for their contribution towards
our Company.
Regards,
Gautam Dalmia and Puneet Dalmia
Managing Director(s), Dalmia Bharat Limited
Innovation and collaboration (Innobration)
We are proud to be among the few companies globally to have pledged to
become carbon negative by 2040. To achieve this goal, we are collaborating with
organisations in India and abroad to understand low-carbon innovations and adopt them in
our manufacturing process.
We have collaborated with international technology partner to create a
sustainable calcination/clinkerisation mechanism. As part of our R&D efforts, we are
constantly putting in the efforts to develop new sustainable products. During the current
fiscal year, we successfully introduced two innovative products, namely Dalmia Innosil, a
cementitious material derived from sugar industry waste, designed to compete with SCM
(Supplementary Cementitious Materials) such as silica fume and Alccofine. Additionally, we
have also developed a water-repellent cement, further expanding our product portfolio This
innovative solution further contributes to our commitment towards reducing our carbon
footprint and promoting sustainable practices.
Our commitment to becoming carbon negative led us to release a roadmap
with time-bound targets until 2040. We also became a founding member of the First Movers
Coalition and the UN?s platform LEADIT for zero carbon roadmaps in heavy-industry
sectors. We are climate catalysts in the global heavy-industry sector, inspiring over 60%
of global cement capacity to commit to becoming Net Zero by 2050.
We are leading the way towards a greener future by setting new
benchmarks and expanding our climate action efforts globally. Carbon capture and
utilisation for future
technology, which captures CO2
use, acts like a ‘climate vaccine? for the industry. This
technology can reduce up to
60% of the GHG emissions from cement production. We accomplished a
significant Thermal Substitution Rate (TSR) of 17% this year. This was achieved through
the substitution of fossil fuels with various environmentally friendly alternatives, such
as industrial wastes, municipal solid waste, renewable biomass (including bamboo and
plantation sources), and hazardous waste. We also invest in innovative ways of working,
cutting-edge technologies, and digitalisation to reduce our carbon footprint. In addition
to creating sustainable products like low-carbon cement, we are influencing consumer
choices towards green products and services.
We are cognisant of the fact that we operate within a broader social
context and have a responsibility to give back. Throughout the year, we have actively
supported local communities through various initiatives, including volunteering and
partnerships with various organisations. Our CSR activities and processes are evaluated in
alignment with ISO 26000 standard, making us the first Indian cement company to do so. Our
community development initiatives focus on promoting sustainable livelihoods, climate
action, and social infrastructure. We are proud our sustainability efforts, have earned
recognition and that includes the CII Climate Action Programme Award, Supply Chain
Management Awards, Green Leaf Award for Environment Excellence and the CII-ITC
Sustainability Awards 2022 for ‘Excellence in Corporate Social
Responsibility?.
Digitisation
The implementation of digital solutions has revolutionised our business
processes, resulting in the elimination of human errors and achieving an unprecedented
level of data accuracy. Our adoption of various digital initiatives across ESG, logistics,
manufacturing, procurement, and mining has significantly improved operational planning,
leading to increased sales and profitability. We utilise in-house applications, Kavach and
Fiori, for safety observation, inspection reporting, and real-time equipment monitoring.
Technological solutions like VENDX and SAP Ariba improve tracking, transparency, and
digitisation in our supply chain, enhancing decision-making and customer focus.
In addition, these measures deliver the added benefit of reducing our
carbon footprint, thereby contributing towards our sustainability targets. We partnered
with
FLSmidth, a cement tech provider, under India Denmark Green Partnership
to scale our next-gen decarbonisation technologies.
Looking forward
We are optimistic about the future based on a robust demand outlook,
steady cement prices and the peak of commodity price inflation behind us. We expect
profitability to gradually improve from here on, and we remain focused on delivering value
to our stakeholders. We extend our heartfelt appreciation to all our stakeholders for
believing in our journey. I would like to conclude by quoting an ancient text, which very
well summarises our thoughts for the future.
Nothing is impossible for those having the six virtues of Knowledge,
Logic, Science, Memory, Readiness, and Ability to function Warm regards,
Mahendra Singhi
Managing Director & CEO
Dalmia Cement (Bharat) Limited
  Â
Dalmia Bharat Ltd
Company History
Dalmia Bharat Limited (DBL), a leading cement major producers, was established in 1939 by Shri Jaidayal Dalmia with a cumulative installed capacity of 38.6 MTPA. The Company presently has 14 manufacturing plants, serving customers across 22 states with a network of 41,000+ dealers and sub dealers. It has a significant market presence in each of its three businesses - Cement, Sugar and Refractories.
Dalmia Bharat Limited (DBL) was incorporated on July 12, 2013 in the name of Odisha Cement Limited under the Companies Act, 1956 and as per the Scheme of Arrangement and Amalgamation approved by the NCLT, Chennai, the name of the Company was changed from Odisha Cement Limited to Dalmia Bharat Limited vide fresh certificate of incorporation dated April 15, 2019.
The Board of Directors of the Company had, at its meeting held on March 28, 2016, approved the Scheme of Arrangement and Amalgamation amongst the Company, OCL India Limited, Dalmia Cement East Limited, Shri Rangam Securities & Holdings Limited and Dalmia Bharat Cements Holdings Limited and their respective shareholders and creditors. The Scheme 1 involves the following: (a) Slump Sale of Rail, Power & Solid Waste Management System Undertakings of OCL India Limited (the holding company) to the Company as a going concern, together with all its properties, assets, liabilities, rights, benefits and interest therein, without assigning value to individual assets and liabilities. (b) Amalgamation of residual of OCL India Limited with the Company. (c) Slump Sale of Rail & Solid Waste Management System Undertakings of Dalmia Cement East Limited to the Company as a going concern, together with all its properties, assets, liabilities, rights, benefits and interest therein, without assigning value to individual assets and liabilities; (d) Amalgamation of (i) residual Dalmia Cement East Limited, (ii) Dalmia Bharat Cements Holdings Limited and (iii) Shri Rangam Securities & Holdings Limited with the Company; and (e) Change in name of the Company to 'OCL India Limited'. The Scheme 1 has also been consented to by the shareholders of the Company and approved by various authorities and by the shareholders of other companies involved in the Scheme 1 as per the provisions of law. The proceedings with respect to Scheme 1 are pending before jurisdictional National Company Law Tribunal Bench(s) for their sanction.
The Board of Directors of the Company had, at its meeting held on November 05, 2016, also approved the Scheme of Arrangement and Amalgamation amongst the Company, Dalmia Bharat Limited and Dalmia Cement (Bharat) Limited (Scheme 2). The Scheme 2 involves the following: a) The reduction and reorganization of authorized, issued, subscribed and paid-up share capital of the Company; b) Amalgamation of Dalmia Bharat Limited with the Company and reduction of the entire issued, subscribed and paid-up share capital of the Company held by Dalmia Cement (Bharat) Limited and corresponding reduction of the securities premium account of Dalmia Cement (Bharat) Limited; and c) The transfer and vesting of Transferred Undertaking (as defined in the Scheme 2) of the Company (post the Amalgamation of Dalmia Bharat Limited with the Company), to Dalmia Cement (Bharat) Limited by way of Slump Exchange. Scheme 2 is inter alia conditional upon the effectiveness of the Scheme 1, subject to approval of shareholders, creditors and other applicable regulatory authorities.
The registered office of the Company has been shifted from the State of Odisha to the State of Tamil Nadu under the Jurisdiction of the Registrar of Companies, Chennai with effect from September 02, 2016.
Pursuant to the Schemes of Arrangement and Amalgamation, the Company had, on October 27, 2018, issued and allotted 5,69,00,220 equity shares of Rs.10/- each to the shareholders of erstwhile OCL India Limited and the Company got listed and started trading on BSE Limited and National Stock Exchange of India Limited with effect from December 21, 2018. Out of said 5,69,00,220 equity shares, 2,65,428 equity shares were allotted to the Investor Education and Protection Fund and the dividend accrued on the said shares amounting to 74,51,227.67 (@ Rs.1.70 per share declared by the Company at its Annual General Meeting held on December 31,2018) has also been transferred to Investor Education and Protection Fund. Further Pursuant to the Scheme, the share capital of the Company was then reduced on January 09, 2019 to 1,44,20,947 equity shares of Rs.2/- each by reduction of face value of shares from Rs.10/- each to Rs.2/- each and cancellation of cross holding of Dalmia Cement (Bharat) Limited. The said Shares of the Company post reduction got listed and trading commenced with effect from January 22, 2019. Further, on January 09, 2019 the Company had issued and allotted 17,83,06,606 equity shares of Rs.2/- each to the shareholders of erstwhile Dalmia Bharat Limited and the same got listed and trading commenced with effect from January 25, 2019.
The Company had 30 subsidiaries and 2 joint venture companies as on March 31, 2019.
The name of the Company has been changed from Odisha Cement Limited to Dalmia Bharat Limited with effect from April 15, 2019.
During the financial year 2018-19, the Company's material subsidiary, namely Dalmia Cement (Bharat) Limited (DCBL), has given a bank guarantee of Rs.50 Crore to the Resolution Professional appointed for revival of Murli Industries Limited (MIL) as per the Resolution Plan filed pursuant to the provisions of Insolvency and Bankruptcy Code and recommended by the Committee of Creditors to the National Company Law Tribunal, Mumbai Bench for its approval. Following receipt of requisite approvals, the Resolution Plan provides for payment of Rs.402 Crore to the creditors of MIL. The matter is currently pending disposal at the NCLT, Mumbai Bench.
During the financial year ended 31st March, 2019, certain mutual fund units (Securities) valued at Rs.344 Crore (value as on 31st December, 2018 and carried at same value) were illegally and fraudulently transferred by one of the Depository Participant (DP), from demat accounts of its subsidiary company namely DCBL. Based on the complaint filed by DCBL and after preliminary enquiry, the Economic Offences Wing, Delhi (EOW) directed the Clearing Agent of DP (i.e. ISSL) not to deal with the Securities and also froze such Securities till further orders.
The Government of Assam granted Mega Project status to one of the step down Subsidiary namely Calcom Cement India Limited (COIL), under the Industrial and Investment Policy of Assam 2014 for the investment done for establishment of clinkerisation unit at Umrangshu (Assam). The said unit will be entitled to 100% reimbursement of net State Goods and Services Tax (SGST) paid for a period of 15 years from the date of commercial production. Accordingly, 100% remission of SGST for the period from July 01, 2017 to March 31, 2019 of Rs.51 crores has been recognized as income on reasonable assurance during the year under review.
During the year 2019, the profitability of CCIL improved on account of better utilization of installed capacity, increase in demand of cement and also recognition of remission of SGST. Accordingly, CCIL recognised deferred tax assets of Rs.51 crores during the current year under review.The Cement manufacturing facility at one of the step down subsidiary namely, Dalmia DSP Limited, has been commissioned on March 31,2019.
The Company had 31 subsidiaries and 2 joint venture companies as on March 31, 2020. In FY'20, the Company acquired OCL Limited in Eastern India and acquired Kalyanpur Cement, in Bihar, which was ranamed as Dalmia DSP Limited. It restructured as a single listed entity, reducing the number of subsidiaries from 6 to 2. It launched Craft Beton. It increased the installed capacity to 26.5 million tonnes per annum.
In FY'22, Company launched Dalmia Cement Future Today (DCFT) and Infra Pro-from the first manufacturing facility in Maharashtra. It started commercial operation of new cement grinding plant having capacity of 2.25 MnT at Dalmia DSP Unit- II near Cuttack, Odisha. AQC Boiler was commissioned in August 2021 and PH Boiler in October 2021 for Kadappa power. It commissioned Solar power plants for Medinipur - 4.10 MWp in October 2021 and Kapilas - 17.5 MWp in November 2021. It established a new alternative fuels and raw materials (AFR) feeding system to coprocess different kinds of waste at their Ariyalur plant in Tamil Nadu. In FY22, it increased 9.4 MW units of WHRS and 22.1 MW of solar power capacity. Besides, it offloaded 5.2% equity stake in the India Energy Exchange (IEX) for Rs. 614 crore.
During the year 2022-23, the Paper and Solvent Extraction Undertakings of Murli Industries Limited were demerged into two wholly owned subsidiaries of Dalmia Cement (Bharat) Limited (DCBL), namely Ascension Mercantile Private Limited and Ascension Multiventures Private Limited. Subsequently, Murli Industries Limited having remaining business was amalgamated with DCBL. Resulting to the said Scheme, Dalmia DSP Limited merged with DCBL effective from July 1, 2022; Dalmia Bharat Green Vision Limited, a wholly owned subsidiary of DCBL, was incorporated to set up three green field cement projects in Tuticorin, South Chennai and North Bihar to add 5.5 MnTPA cement capacity.
During the year 2022-23, DCBL, wholly owned subsidiary of the Company acquired Clinker, Cement and Power Plants from Jaiprakash Associates Limited and its associate having total cement capacity of 9.4 MnT (along with Clinker capacity of 6.7MnT and Thermal Power plants of 280MW) at an Enterprise Value of Rs 5,836 Crore in the States of Madhya Pradesh, Uttar Pradesh & Chhattisgarh. On April 25, 2023, DCBL has sold its entire investment of 1,87,23,743 equity Shares of Rs 10 each (42.36% of share capital) of Dalmia Bharat Refractories Limited, an associate company, at a consideration of Rs 800 crore to M/s Sarvapriya Healthcare Solutions Private Limited, a Promoter Group Company. DCBL enhanced its Cement capacity to 38.6 MnT; Clinker Capacity to 21.7 MnT; Solar Power capacity to 100 MW and West Heat Recovery System Power to 66 MW. In addition to that, 2nd Cement line at Jharkhand Bokaro Cement Manufacturing Works with 2.5 MnT capacity was set up and trial production and sales invoicing begun.