India’s Binani Cement Ltd said Wednesday it plans INR17bn of capital expenditure over the next three years as it targets an annual production capacity of 15Mt by 2013.
Binani Cement, which currently has a capacity of 8.75Mt, plans to invest INR8bn in a new plant in the western Indian state of Gujarat.
"We are likely to start the work (on the plant) in October," managing director Vinod Juneja told reporters at a press conference.
The cement manufacturer will also spend INR1bn in a lignite-mining project in the western Indian state of Rajasthan, the company said in a statement.
Production of lignite, which the company plans to use as a fuel at some of its plants, is likely to start from the third quarter of 2010.
The statement said the company’s Chinese unit, Shandong Binani Rong’An Cement Co. will increase its capacity to 3Mt from the current 0.5Mt.
It plans to spend INR6bn to expand the Chinese unit where production will start at the new plants by the first quarter of 2011.
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