India: Piramal invests US$38m in Gujarat cement company

Piramal enterprises has invested US$38.4m in Sanghi Industries, a Kutch-based cement company with 4.1Mta capacity and plans to add a further 4Mta.

Earlier in the month, Sanghi exited its corporate debt restructuring mechanism, having repaid US$40m. The firm’s capital expansion plans require a total of around US$165m.

According to reports in the Hindu, the capacity addition will cost less than US$50/t. The expansion will take place at one of Sanghi's existing sites. The company has huge high-quality limestone reserves, captive power and port facilities.