Oman-based cement producer and seller Raysut Cement Company intends to inject approximately 5,000 crore rupees ($700 million) in India by 2022.
Of the investment, $200 million has been set aside to purchase controlling stakes in two Indian cement producers. The purchases are expected to happen in the first quarter of calendar 2019.
The project will help Raysut Cement move upstream and become a manufacturer of cement in India, a shift from its present status of being a supplier of clinker and limestone.
The commitment is part of the company’s programs to extend its overall production capacity to 20 million tonnes per annum, while it is also seeking for purchases in Africa.