India’s Zuari Industries to re-enter cement business

India’s Zuari Industries to re-enter cement business
Published: 04 June 2010

India’s Zuari Industries Ltd is re-entering the cement business as part of a planned US$1.5bn expansion which will also include its fertiliser and real estate businesses, the Economic Times reported on its website Friday, citing the company’s chairman, Saroj Poddar.

The company had sold its equity stake in its cement business to joint venture partner Italcementi in 2006, and the latter has first refused on the proposed cement unit, but that expires in October, the website reported.

The company initially plans a three-million ton cement plant at Gulbarga in Karnataka, to start in mid-2011, the website reported. The investment will be funded from internal accruals, borrowings and a possible equity issue, it said.