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Shree Cement will be setting up a two to three million tonne grinding unit in Sarai Kale Karasawa in Jharkhand with an investment of about Rs 500 crore-Rs 600 crore.
The company entered into a memorandum of understanding with the Jharkhand government here on Wednesday during the investment promotion roadshow organised by the State in the presence of its Chief Minister Raghubar Das.
"We are investing where our heart is and we should be able to complete construction of the unit in about two years,’’ HM Bangur, Managing Director, Shree Cement Ltd, told newspersons here after signing the MoU.
However, in view of the non-availability of raw materials, Shree Cement’s clinker unit in Chhattisgarh will supply raw materials for the upcoming unit.
PLANS
Asked the status of previously announced plans for setting up units in Andhra Pradesh, he said: "We are working on the plans for AP and Telangana and will share details when things get moving again.’’ Shree Cement already go mining leases in Andhra Pradesh, he added.
On the industry growth, he predicted that demand growth could touch 8 per cent in next two to three years from the existing 3 per cent.
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