UltraTech Cement plans to raise US$100m from IFC

UltraTech Cement plans to raise approximately US$100m from the International Finance Corporation (IFC) to support its US$297m expansion in Chhattisgarh.

According to local media, the company plans to increase clinker production capacity at its integrated plant in Chhattisgarh, eastern India. The report added that the IFC has already started working with the company to identify resource efficiency opportunities for diminishing the company’s carbon footprint.

Moreover, the IFC is also looking at the possibility of offering UltraTech Cement various advisory services such as alternative fuel usage and corporate social responsibility initiatives, the report said.

Earlier this week, UltraTech was reported to be in talks with ABG Cement to acquire the latter’s incomplete 6.7Mta cement plant in Gujarat. A source familiar with the situation told local press that three rounds of negotiations had been undertaken and a senior ABG official also confirmed that discussions had been carried out in the past.