Indian cement manufacturer Shree Cement intends to construct new facilities with 903 crore rupees ($126 million) investment to boost its additional capacity.
Shree Cement will build a new 3 million tonne per annum (mtpa) grinding unit in Cuttack district of Odisha at a cost of $59 million and a 2.5 mt unit at Seraikela Kharsawan district in Jharkhand at a cost of $67 million. Both projects will be funded through a combination of internal accruals and debt.
With the 5.5mt additional capacity in the pipeline, the total capacity of Shree Cement is expected to reach 45.5mt.
While the Odisha unit is expected to be commissioned by the September quarter of 2019, the Jharkhand unit is expected to go on stream by the June quarter of 2019.