Shree Cement Ltd on Monday said its board had approved a plan to build a 3Mta plant in Karnataka at a cost of INR18,000m (US$265.3m).

The proposed plant is expected to be ready by the quarter ending 31 December 2018, the company said in a regulatory filing.The project is to be funded by internal revenues not yet accounted by the company.

Shree Cement’s board also approved on Monday the payment of a special dividend of INR100 per share. The company’s shares fell 1.3 per cent to INR15,677.30 on BSE in a flat market.