Financial Daily from THE HINDU group of publications
Friday, Apr 14, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 14, 2006 |
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Corporate
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New Projects India Cements plans to hike capacity to 11 mt Our Bureau
Chennai , April 13 India Cements Ltd plans to increase capacity in its existing plants by a total of 2 million tonnes. The expanded capacity will be available by 2007 end or early 2008, according to company officials. With this, India Cements' total capacity will go up to 11 million tonnes a year. The company will convert the wet process grinding unit at Sankaridurg in Tamil Nadu into a dry process one. Capacities will be increased at the plant of Raasi Cement Ltd in Andhra Pradesh (which it acquired in 1998), and India Cements' plants at Chilamkur and Sankarinagar. India Cements hopes to get mining rights for limestone in Rajasthan and Himachal Pradesh. However, it does not intend to put up any greenfield plants in these States right now. Instead, it believes that it will make more sense for it to get an additional 2 million tonnes capacity at the existing plants at a cost of $30 a tonne (Rs 1,350) against a greenfield plant at $100 a tonne (Rs 4,500), according to the officials. The shareholders also approved resolutions permitting the company to increase the limit for foreign institutional investor holding from 24 per cent to 40 per cent, and a hike in authorised share capital from Rs 325 crore to Rs 335 crore. India Cements' shares closed today on the NSE at Rs 186.20, a 3.20-per cent drop from yesterday's close of Rs 192.35.
More Stories on : New Projects | Overseas Borrowings | Cement
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