India Cement, a cement manufacturing company, plans to invest 1,000 crore rupees ($137.9 million) in its greenfield plant at Damu in Madhya Pradesh as part of its expansion plans.
India Cement said that given the projections, coupled with the increased capacity utilisation across its plants, it expects to put up a new plant at Damu in Madhya Pradesh with an initial installed capacity of 2.5 million tonnes. It plans to achieve full capacity utilisation in the April to June quarter of next fiscal.
Similarly, the company seeks expanding capacities at its existing plants across the country with additional investments. Most of these investments will be met through internal accruals except a small borrowing.
India Cement noted that it has already applied for necessary approvals, including environmental ones and plans to begin work on the project by last quarter of 2019 and will commence production by early 2021.