Construction Industry News
Fitch Ratings told the media it believes continued growth in gross domestic product (GDP), government pressure on infrastructure and affordable housing, and a revival in business investment will support growth in the cement industry.
It expects cement demand in India to grow at medium to high single digits in the medium term, following an estimated recovery in the mid-teens in FY22.
The cement industry utilization rate will drop to 65% from 70% estimated in FY22 as faster new capacity additions will outpace demand growth.
It will dampen the pricing power of cement producers and the industry will further consolidate.
Fitch Ratings said Adani Group's aggressive approach to expanding capacity after it acquired Holcim Indian business.
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