Sagar Cements has approved significant investment in both Satguru Cements and Jajpur Cements, which will enable the company to expand its presence in central and eastern India.
"The board has approved a proposal to invest a sum of INR1.5bn (US$21.1m) in Satguru Cement Pvt Ltd (SCPL), Indore, to set-up a greenfield cement manufacturing plant of 1Mta capacity along with a waste heat recovery power plant, at a total cost of INR4.26bn. SCL will be holding 65 per cent in the equity share capital of SCPL on completion of the above projects," said Sagar Cements in a statement.
Elsewhere, "board has also approved of a proposal to invest a sum of INR1.08bn in Jajpur Cements Pvt Ltd (JCPL), Jajpur, Odisha, in a phased manner to acquire 100 per cent shareholding and to set up, through it, a greenfield grinding unit of 1.5Mta capacity in Jajpur at a total cost of INR3.081bn. This investment is subject to approval from the Government of Odisha and other regulatory authorities as may be required" stated the company.
Both projects are expected to be completed by 31 March 2021.
