Iron ore mining firm Rungta Mines, the flagship company of SR Rungta group, has announced its plans to set up a 1Mt cement plant in the Indian state of Orissa. The company will invest around 600 crore in the setting up of the plant.
Mr Siddharth Rungta president of privately held Rungta Mines said that
"Cement project is currently in the evaluation stage and if finalised will be established in Orissa.”
Rungta Mines plans to fund this project through a mix of debt and internal accruals. This move by the company is a result of its intention to diversify the business of the group beyond mining and steel production.
Mr Rungta also announced that in the short-term the company would continue to focus on mining and steel business.
RML is already in talks with the state government for allocation of limestone reserves to execute the cement project.