Revealing ambitious expansion plans, Anil Ambani Group company Reliance Infrastructure on Tuesday said it would invest INR100bn (US$2.07bn) to set up cement plants in Maharashtra.
At its 80th Annual General Meeting, Reliance Infra Chairman Anil Ambani further disclosed that the company, which is a major player in power, road, metro and real estate sectors, has emerged as the highest bidder to develop and operate five non-metro airports in the state.
Observing that about 40 per cent of the cost of making cement comes from coal, fly ash and power, he said, "Given that all the 3 ingredients are at the core of our existing portfolio, there are obvious synergies that are waiting to be exploited."
"As a natural extension of the power and infrastructure interest of our group, it gives us strategic advantage to enter into cement."
The company will invest INR100bn to set up cement plants with a total capacity of 20Mta over the next five years which will make the firm one the top five players in this sector, he said.