Hi-Bond Cement to set up Rajasthan works, India

Hi-Bond Cement plans to set up a greenfield plant in the state of Rajasthan to tap the north Indian market.

The company has approached the Rajasthan government with a proposal for the plant, which is expected to have an initial capacity of 3Mta, and has identified seven locations in the state, Rajan Vadalia, managing director of Hi-Bond Cement told Business Standard (India).

The project cost is estimated to be INR1300 crore, 60 per cent of which the company will fund by itself and the remainder to be raised from the market. Hi-Bond plans is planning an Initial Public Offering but is also open to private equity investment.

Hi-Bond Cement has also recently expanded its Rajkot plant from 0.6Mt to 1.3Mt.