India’s JK Cement has announced plans to set up a 0.6Mta white cement plant in the UAE through a subsidiary.
The new plant will be set up at the Fujairah Free Trade Zone and according to JK Cement’s filing to the Bombay Stock Exchange (BSE), the plant will have capability to change over to produce grey cement.
“JK Cement has informed BSE that the Board of Directors of the Company at its meeting held on November 11, 2011, inter alia, has approved setting up of cement plant at JK Cement Works (Fujairah) FZC with production capacity of 0.6Mta of white cement with a provision to change over to 1.01Mta capacity, grey cement at a total cost outlay US$150m. The project will be funded at a debt equity ratio of 2:1,” the filing said.
Fujairah Investment, an undertaking of the Fujairah government, will have a 10 per cent stake in the greenfield plant, that is being set up by JK Cement’s local subsidiary JK Cement Works (Fujairah).