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Ambuja Cement plans to invest ₹960 crore to set up a 1.4 million tonne clinker capacity, grinding facility of 1.8 mt besides a captive power plant and waste heat recovery system at Marwar Mundwa in Rajasthan even as its Managing Director Ajay Kapur resigned after putting in 26 years of service in the company.
Kapur has decided to pursue his career outside the cement industry, said the company in a statement on Wednesday.
The board accepted his resignation and will relieve him on March 15. The successor to Kapur will be announced in due course, said the company. Kapur joined the company in 1993 as an Executive Assistant to the then Managing Director and Founder, NS Sekhsaria and moved up the ladder to head the company. Prior to joining Ambuja Cements, Kapur worked with Citibank’s consumer banking business.
Expansion
In February, the company had announced plans to invest ₹1,390 crore in the first phase of its greenfield clinkerisation project with annual capacity of 1.71 mt at Marwar Mundwa.
The fresh investment was approved by the board at its meeting on Wednesday taking the overall investment in Marwar Mundwa to ₹2,350 crore. To be funded through internal accruals, these project will increase the company’s cement capacity to 31.5 mt.
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