The Karnataka Government has given its ’go ahead’ signal for Chettinad Cement Corporation Ltd to put up a 2.5Mt cement plant at Kallur village in Gulbarga district.
Along with the cement plant, the company is also putting up a 30MW captive thermal plant.
Informing this in a notification to the Bombay Stock Exchange (BSE), a company release said that the board, at its meeting on Tuesday, had authorised the Managing Director to take steps to get further approvals from all appropriate authorities.
It also informed the BSE that the board had now decided to put on hold its proposal for a rights issue. “The decision (to put on hold) was taken in view of the favourable market conditions, enabling the company to generate sufficient internal accruals to fund the immediate requirements of the company’s second line cement plant project for which the rights issue was proposed,’’ said the notification.