India’s premier cement manufacturer, My Home Industries Ltd, is set to invest INR400 crore to increase its production capacity of its plant at Vizag located in the southern Indian state of Andhra Pradesh and for purchasing new units. The expansion drive would be reportedly funded through internal accruals.
Outlining the company’s plans to expand, group chairman and managing director of My Home Group Rameswar Rao Jupally said, "We are embarking on an ambitious target of 10Mt capacity in three years from the present 4.7Mt. We are considering various options, including acquisitions."
Currently, My Home has four manufacturing plants in Andhra Pradesh. Three plants are situated at Mellacheruvu and one at Vizag. The company aims to raise the production capacity of its Vizag unit to 2.5Mt from its present 1.5Mta and the capacity of the Mellascheruvu plants to 4Mta.
The company also has plans to install 60MW captive power plant at Mellacheruvu and two rail links, as per Senior Vice-President of My Home R P Singh. He also said that the company, which has a major stronghold in the southern India, is geared to storm the eastern markets soon.