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French cement major Vicat Group will be investing ₹510 crore in Andhra Pradesh to set up a greenfield cement grinding unit in Vizianagaram.
The group, under the name of Kalburgi Cements Pvt Ltd, had entered into an Memorandum of Understanding (MoU) with Andhra Pradesh Economic Development Board (APEDB), the nodal agency for attracting investments into the State, in this regard.
The MOU was exchanged at the Indo-French Economic Partnership event held in New Delhi on Saturday, according to a release.
The €2.5 billion Vicat group started operation in India in 2008 with an Indian partner in the name of VICAT Sagar cement Pvt. Ltd and in 2014, it became 100 per cent owned subsidiary of Vicat and has been renamed as Kalburgi Cement Pvt. Ltd. It has an operating plant of 2.75 MTPA at Kalaburagi district of Karnataka.
The group wants to invest about ₹1,735 crore (€223 Million) in India. According to Anoop Kumar Saxena, CEO, Kalburgi Cements Pvt Ltd, the proposed investment will not only complement the economic development agenda of the states but it also boost the growth along with the employment and social upliftment of surrounding villages.
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