Saturday 17 November 2018
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business-standard - 8 days ago

India Cements to build Rs 10-bn plant in MP, expects growth to pick up soon

The India Cements Ltd is planning to set up a new cement manufacturing facility in Madhya Pradesh with a total investment of around Rs 10 billion, with the company expecting a better capacity utilisation from next fiscal year. The company is expecting the prices in South India also to pick up from the fourth quarter of the year, improving its performance from there on.The company has recently announced acquisition of entier share holding of Springway Mining Pvt Ltd, in a phased manner at a total cost of Rs 1.82 billion with an objective to set up a cement plant in the State of Madhya Pradesh. N Srinivasan, vice chairman and managing director of the company said, Our objective to set up a cement plant. The investment will be around Rs 9-10 billion, we will fund it mostly internally . The company may also look at further expansion plans going forward, he added.With the new plant, the total manufacturing capacity for the Indian Cements will go up from the current 15.5 million tonne per .

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