Binani in the fray for cement JV with Nalco
Binani Cement Ltd (BCL) has submitted an expression of interest (EoI) for a joint venture with National Aluminium Company Ltd (Nalco).
Nalco is scouting for a joint venture partner to set up a cement plant that uses fly ash generated at its captive power plant.
It aims to invest Rs 1,000 crore in the facility, which would have a capacity of producing 1000tpd of cement.
Other cement majors including Gujarat Ambuja, ACC and L&T are also considering submitting EoIs for the JV, sources said.
A top Binani Cement official confirmed submission of the EoI. However, Vinod Juneja, joint managing director, refused to comment on the move.
Meanwhile, the company plans to set up a 2Mta plant greenfield cement plant at Kutch in Gujarat with an investment of Rs 500 crore. Juneja said, “More than 50% of the production from the Kutch plant will be for export to UAE. The 2 MTPA plant will start production in 2009.”
“We are expecting to cross the Rs 1,000-crore turnover by the end of current fiscal,” said Juneja.
Binani Cement plans to foray into other domestic markets in the near future. At present, its key markets are Rajasthan (12% marketshare), Haryana (5.7% share) and Delhi (4%) and Gujarat (6.4%).
Last Friday, it announced acquisition of 49% stake in a cement plant in China for $11m. Published under Cement News
