Mumbai-based Petron Engineering Construction Ltd has informed the local stock exchange earlier this week that it has received a Letter of Intent from Ramco Cements for civil and mechanical works relating to the upgrade of Ramco’s Line 1 and a captive power plant at its Jayanthipuram works in the Krishna District of Andhra Pradesh, India. The contract is valued at INR225m (US$3.4m).

Ramco Cements Ltd (RCL) (formerly Madras Cements Ltd) has a production capacity of 14.45Mta from its eight cement plants in India. During April 2014 to March 2015, the company sold around 7.66Mt compared to 8.59Mt of the previous year, showing a decrease of 11 per cent, says last year’s company report.