Economy & Market
Rajkot-based Kishan group to invest Rs 300 cr for cement plant
Kishan group of companies will increase its cement making capacities by setting up a new cement plant, which is expected to be commissioned by Diwali this year. "We are going to increase our cement manufacturing capacities with an investment of around Rs 250-300 crore. The construction work of the new plant is on the verge of completion and production will start just after Diwali this year," said Rajan Vadaliya, director, Kishan group. For the major cement plant, the Kishan group has formed a new company under the name of 'Hi-Bond Cement India Private Limited'. Vadalia, informed that the production capacity of new cement plant would be 900,000 tonne per year, which can be upgraded in future. While the company would set up new cement plant, it would also continue production at its mini cement plant, which has a production capacity of about 200,000 tonne per year. Cement manufactured at mini cement plant is marketed under the brand name of 'Kishan'. The company is focusing on Gujarat, Maharashtra, Rajasthan and some parts of Madhya Pradesh for marketing. The machinery for the new cement plant is imported from Denmark, while a Denmark-based company would provide technical assistance. Finance for the project would be a mix of internal accruals and bank finance.