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Chennai June 14 Madras Cements Ltd has applied for a licence to set up a sugar mill in Tamil Nadu, according to reliable industry sources.

The company is looking to put up a sugar mill with a capacity to crush 5,000 tonnes of cane a day with a co-generation plant in Tamil Nadu's Villupuram district, according to sources.

In a communication to the stock exchanges on Thursday, Madras Cements said it would seek shareholders' approval to alter its Memorandum of Association allowing the company to enter into new businesses. The approvals will be sought for entering the sugar business; power generation, transmission and distribution; pharmaceutical; textiles; and solar power.

It is reliably learnt that the company was getting approvals from its shareholders to be ready for opportunities in these sectors as and when they arise and, apart from the sugar sector, does not have any immediate plans for entering the new businesses.

Industry sources say that Madras Cements is considering setting up the sugar plant to produce ethanol for blending with petrol and does not intend getting into sugar manufacture. However, the prevalent policy does not permit sugar plants to be set up exclusively for producing ethanol and hence Madras Cements' plans will depend on the policy being changed.

More Stories on : Diversification | Cement | Sugar

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