HeidelbergCement said on Sunday it will set up a 2Mta year cement plant in western India to tap rising demand in the world’s second-largest cement producing market.
Heidelberg, the world’s fourth-largest cement maker, said in a statement it would build the plant in Gujarat state but did not disclose any investment numbers. The company already makes 3.5Mt of cement a year in India.
"Heidelberg wants to achieve the stated objective of 10 to 15Mt capacity in India over the next three to four years, by going for acquisitions, brownfield as well as greenfield projects," Chief Executive Bernd Scheifele said in a statement.
The company bought a 51 per cent stake in Mysore Cements Ltd. for $94 million in July. It is also setting up a grinding plant with unlisted Indorama Cement.