Rain Industries ties up funds for cement plant expansion

Rain Industries ties up funds for cement plant expansion
Published: 30 May 2007

Cement maker Rain Commodities Ltd. said on Wednesday its wholly-owned unit Rain Industries Ltd. had achieved financial closure for a 1.5Mt expansion of its cement plant in Andhra Pradesh.

The INR3.34bn project, expected to be completed by October 2007, will be funded by term loans of INR2.4bn and the balance through internal accruals, Rain said in a statement.

The expansion will double the firm’s capacity to 3Mta.