Economy & Market
Shiva Cement gets approvals from Orissa government
Government of Orissa has approved the capacity expansion plan of the Shree Cement upto 2.3 mtpa. At present, the cement company is implementing Phase-I with a capital outlay of Rs 163.5 crore upto capacity of 0.66 mtpa based on existing mines. Phase-II expansion upto 2.3 mtpa shall be taken up after the pending sanction of additional mines. The company is likely to receive approvals on the mines in next 12 month. Shree Cement has approved the means of finance of Phase-I capacity expansion envisaging Rs 80 crore equity and equity-related instrument to be raised through right issue/preference allotment in consultation with a merchant banker. The promoter group will also contribute about Rs 30-35 crore, subject to approval of company shareholders.