Shree Cement announces investment plans

India’s Shree Cement Ltd has announced a INR35bn (US$519.79m) capital expenditure budget for the current financial year. The amount includes INR20bn which will be spent to conclude the acquisition of UAE-based United Cement Co PSC by July, a few months ahead of plans, according to Subhash Jajoo, CFO, Shree Cement.

Furthermore, the company plans to invest INR13-14bn to set up grinding units in Odisha, Jharkhand and West Bengal. Once completed, these plans would see the company raise its production capacity by 7-8Mta. Shree Cement expects to commission the facilities in the FY20, according to Mr Jajoo.

Meanwhile, the company expects to commission its 3Mta integrated plant in Gulbarga, Karnataka, in October.