(NEWS) ACC to announced 1500 Cr Investment in
Bundelkhand Investors Meet.
ACC to announce its plan for Madhya Pradesh today
Cement major has been allotted a mining lease for limestone in Poonchi village; to invest Rs 1,500 crore.
Cement major ACC will invest Rs 1,500 crore in a new Madhya Pradesh plant. The company is likely to announce its investment details at the Bundelkhand Investors Meet to be organised in Sagar tomorrow. With this the combined investment of the company in Madhya Pradesh will go up to Rs 2,500 crore.
The company, according to a source, has been allotted a mining lease for limestone in Poonchi village near Katni in an area of 867 hectares. This new plant will augment ACC’s capacity from existing 3.2 million tonnes to 5.7 million tonnes. The investment also includes a captive power plant of 25 Mw.
The MP government has invited ACC Managing Director Sumeet Banerjee as special guest at the Bundelkhand Investors Meet.
The state government has also offered five-year investment promotion incentives, a plot of 4.75 hectares, and entry tax exemption for five years. The company signed a deal with the state government last year for the project.
The company, which has a 3.2 million tonne plant in Kaymore near Katni, will produce OPC and PPC (Ordinary and Portland Pozzolana) cement at the plant. During the past two years the company has invested Rs 500 crore in the expansion of its existing plant. The new plant is likely to generate 1,200 direct and indirect jobs. Of those, 70 per cent, according to sources, will be local. The plant is likely to come up by 2011.
The company will also use hazardous toxic wastes, which are not recyclable, as fuel supplements.
The cement production of the company stood at 1.79 million tonnes in March last year. It had gone up to 1.89 million tonnes this year while dispatches stood at 1.83 million tones, going up to 1.92 million tonnes this year.
A number of cement companies have applied for mining licence in the Katni, and Damoh region, where limestone is in abundance. Although the meet is for small and medium enterprises, the ACC’s announcement will attract more investors.
Courtesy: Business Standard