In­dia Ce­ments plans to set up new plant in MP

Business Standard - - COMPANIES - BS RE­PORTER<

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.” .

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