India Cements plans to set up new plant in MP
India Cements is planning to set up a new manufacturing facility in Madhya Pradesh, with a total investment of around ~10 billion, with the company expecting a better capacity utilisation from the next fiscal year. It is expecting the prices in southern India to pick up from the fourth quarter of the year, improving its performance from there on. The firm has announced acquisition of entire share holding of Springway Mining, in a phased manner at a total cost of ~1.82 billion, with an objective to set up a cement plant in Madhya Pradesh. N Srinivasan, vice-chairman and managing director of the company, said, "We will fund the investment mostly internally.” .