Cement firm ACC bags Kannur Limestone Block in Karnataka

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Cement maker ACC Ltd on Thursday said it has been declared as successful bidder for Kannur Limestone Block in Karnataka.

Through this mining block, the company has secured estimated limestone resources above 250 million tonnes, ACC said in a statement without disclosing its bid amount.

This limestone block is in close proximity to the company's existing Wadi cement plant, it added.

ACC, a subsidiary of Swiss building material major Holcim group (earlier LafargeHolcim), had participated in an e-auction of the block, located in Kalburgi district of Karnataka.

"Department of Mines & Geology, Government of Karnataka has declared ACC as the successful bidder for Kannur, Wadi Area, Limestone Block in the State of Karnataka, ACC said.

On Wednesday, ACC had reported a 40.55 per cent decline in its consolidated net profit to Rs 280.85 crore for the quarter ended on December 31, 2021, due to adverse input inflation.

Its revenue from operations in October-December 2021 was up 1.95 per cent at Rs 4,225.76 crore.

ACC operates 17 cement manufacturing sites and 80 concrete plants.