Economy & Market
Shiva Cement aims for 450 cr
Shiva Cement is expecting Rs 450 crore revenues in FY16 on the back of expansion plans, an official has said. The company has embarked on a massive capacity expansion and has signed MoU with the Odisha government involving investment of Rs 800 crore recently. "The first phase of our expansion plan, which involves an investment of Rs 270 crore, is expected to be operational by January 2015. We will start seeing the results of this expansion in 2015-16," said RP Gupta, Chairman and Managing Director. In the phase I, the company will be expanding its current 0.132 mtpa capacity to one mtpa and in the second it will go up to more than 2 mtpa, he further added. Commenting on the current scenario and the aim of setting up a cement plant he said, "The cement industry has slowed down. But we expect to see a revival by 2015, which is when our plant will also be operational. We will take complete advantage of this turnaround and we expect our revenues to grow manifold to nearly 450 crore in FY16."