JK Cement has initiated talks with a few banks to raise debt of over Rs 800 crore to part finance setting up its first overseas plant in the Middle East, said a person close to the matter. 



The proposed plant with a capacity of 2Mta will require an investment of around Rs 1,400 crore which will be funded by bank loans and internal accruals, said the same person requesting anonymity. 



The source said JK Cement officials met State Bank of India, IDBI and Bank of Baroda for raising fund. The company has already purchased land for the plant in Fujairah, one of the seven emirates of UAE.
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