Pioneer Cement to build US$150m plant in Georgia

Pioneer Cement to build US$150m plant in Georgia
Published: 09 June 2009

Pioneer Cement Industries will invest US$150 million in a new cement plant in two to three years, Nino Baratashvili, a head of National Investment Agency of Georgia, told Reuters.

"Pioneer Cement Industries will invest $150 million but we don’t know yet what capacity the plant will have," Baratashvili said on Tuesday.

Pioneer Cement Industries is a joint venture of RAK Investment Authorities from UAE (51 per cent) and Indian Penna Cement Industries (49 per cent).

The company has already purchased a license to mine lime in eastern Georgia for US$3m.