- The firm plans to invest INR 250 Crore on a grinding plant scheduled to be located in Balasinor, Gujarat.
- The plant will have a yearly production capacity of 0.7 million tonne per annum upon completion.
In a recent turn of events, JK Cement, India’s leading cement brand, has reportedly declared that it would invest approximately INR 450 Crore for setting up two grey cement grinding units in Uttar Pradesh and Gujarat.
According to a statement released by the JK Cement, the company has plans to spend INR 250 Crore for starting a grinding plant in Balasinor, Gujarat which would have a yearly manufacturing capacity of 0.7 million tonne per annum (MTPA) once the construction is completed.
Reportedly, JK Cement has also set aside INR 200 Crore for a grinding factory planned to be located at Aligarh in Uttar Pradesh.
JK Cement laid the foundation stone of the new grinding unit this Thursday, claim sources familiar with the development. The cement giant expects the grinding unit to start functioning by January-March next year, cited sources.
If reports are to be believed, JK Cement has made plans to invest in capacity enlargement of its existing facilities in Rajasthan. Reportedly, the company has already declared a capital expenditure of INR 2,000 Crore to amplify the production of grey cement by 4.2 million tonne per annum.
Raghavpat Singhania, Special Executive of JK Cement, was quoted stating that the inaugural ceremony marks a pivotal milestone in the journey of JK Cement, as it is company’s first venture in Gujarat by means of a production unit.
Market experts cite that with the expansion gigs undertaken at Aligarh and Gujarat together with brownfield investments in Rajasthan, the company’s total production capacity is predicted to touch the mark of 15 MTPA approximately by March next year.
Reportedly, JK Cement’s shares dipped slightly and closed at INR 710.80 per share on Thursday on the BSE.