India: Roongta Mines plans cement plant in Orissa

It is reported that iron ore mining firm Rungta Mines Limited, the flagship company of SR Rungta Group, has announced its plans to set up 1Mt cement plant in the Indian state of Orissa. The company will invest around INR600 crore (US$12.9m) in the setting up of the plant.

Mr Siddharth Rungta president of 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 grand project through a mix of debt and internal accruals. This ambitious move by the company is a result of its deliberate intention to diversify the business of the group beyond mining and steel production.

The company is also in the process of setting up two steel plants, one each in Orissa and Jharkhand. The annual steel producing capacity of plants in Orissa and Shorthand will be 2Mt and 0.5Mt, respectively.