Binani investment plans both home and away
Binani Cement said it would double its capacity to 12Mta by 2012. “We are looking at both organic and inorganic routes to double our capacity to 1Mta by 2012. This will require investment to the tune of INR2000 crore,” the company’s deputy managing director Vinod Juneja said.
Binani Cement, he said, would contruct a 2Mta greenfield plant near the coastal Gujarat with an investment of INR800 crore.
“We will invest around Rs 350 crore from our own (resources) in the proposed plant,” Juneja said, but declined to give further details. The company would also set up a 1Mta grinding unit at Bharuch in Gujarat, he said.
“We have already acquired 100 acres of land and work on the grinding unit will start within this fiscal itself,” Juneja said.
Binani Cement is to double cement capacity of its plant in China to 2Mta. It also plans to double its manufacturing capacity which currently produces 0.85Mta of cement.
The company is also looking to set up two grinding units overseas – one in Mauritius and the other one either in the Ivory Coast, Ghana or Nigeria.
Anhui Conch Cement Co Ltd its first-quarter net profit under Chinese accounting standards came in at CNY449.6m, up 99 per cent from the corresponding period in 2006.
The company attributed the earnings surge to increased sales, higher average selling prices and buyout of some subsidiaries in April last year.
Revenue for the three months to March amounted to CNY4.61bn up 27.46 per cent YoY.
Earnings per share was CNY0.29, up 61 per cent from a year earlier Published under Cement News
