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Rain Cements Ltd (RCL), a wholly-owned subsidiary of Rain Commodities Ltd, has commenced operations of its fly ash-handling and cement packing unit at Bellary, Karnataka.
“With the commencement of operations of the unit on Thursday, the total production capacity of RCL will increase from 3.1 million tonnes to 3.50 million tonnes of cement a year with improved fly ash blend ratio,” the Hyderabad-based Rain Commodities informed BSE on Thursday.
The plant was set up at a cost of Rs 15 crore. RCL had entered into a contract with Karnataka Power Corporation Ltd (KPCL) to obtain an exclusive supply of fly ash up to four lakh tonnes a year for a period of 10 years, it added.
Stake hike
In another development, Merrill Lynch Capital Markets Espana SA SV had increased its existing stake in Rain Commodities from 4.91 per cent to 5.05 per cent by acquiring one lakh equity shares.
The acquisition of shares was done through open market purchase on March 18, 2011, the BSE was informed.
The company's scrip gained 2.50 per cent to end at Rs 143.40 on BSE on Thursday.
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