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Kolkata March 23 The personal care and health-products major Emami Ltd with interests in paper and real estate has forayed into cement sector. It has signed a MoU with the Chhattisgarh Government for setting up a 4-million-tonne plant including a 100-MW captive power plant in the State.

The MoU was signed today by Mr R.S. Goenka, Joint Chairman, Emami Group of Companies, for the company, and by Mr P. Joy Oommen, Additional Secretary, Government of Chhattisgarh .

Suitable Area

The company, in a statement issued here, said the total investment for the project was estimated at Rs 1,600 crore, which would be financed through a mix of equity and term loans from financial institutions. A new company would be formed by the group for this project.

The integrated project, to be implemented in two phases, each contributing 2 million tonnes of cement, is expected to generate direct employment for 2,000 people.

According to M Goenka, "We will try to set up the plant in the shortest possible time." He also mentioned that the group has requested the State Government to allocate a suitable area for limestone mines and also urge the Central Government for allocation of a suitable coal block for the proposed plant.

More Stories on : Diversification | Cement | Alliances & Joint Ventures

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