Shree Cement announces investment plans

Shree Cement announces investment plans
11 June 2018

India’s Shree Cement Ltd has announced a INR35bn (US$519.79m) capital expenditure budget for the current financial year. The amount includes INR20bn which will be spent to conclude the acquisition of UAE-based United Cement Co PSC by July, a few months ahead of plans, according to Subhash Jajoo, CFO, Shree Cement.

Furthermore, the company plans to invest INR13-14bn to set up grinding units in Odisha, Jharkhand and West Bengal. Once completed, these plans would see the company raise its production capacity by 7-8Mta. Shree Cement expects to commission the facilities in the FY20, according to Mr Jajoo.

Meanwhile, the company expects to commission its 3Mta integrated plant in Gulbarga, Karnataka, in October.

Published under Cement News