Birla Corporation Limited, the flagship company of the MP Birla Group, Thursday signed a pact with the Assam Mineral Development Corporation (AMDC) for setting up a 1Mt greenfield cement plant in Assam at a cost of around INR450 crore. The joint venture project is proposed to be set up at Umrangsu in the North Cachar Hills district, a company statement said.
The memorandum of understanding (MOU) was inked in Guwahati in the presence of Chief Minister Tarun Gogoi, and other government officials and Birla Corporation chairman Harsh Lodha. Birla Corporation will have 87.5 per cent equity in the joint venture company and the balance 12.5 per cent will be allotted free of cost to the AMDC. The project, which the company bagged through open bidding, will enjoy the statutory incentives for setting up industry in the backward region in the northeast.