Shree Cement to establish clinkerisation unit
Shree Cement, the biggest in the northern region with market capitalisation of Rs 5,920 crore, would set up a two-million tonne clinkerisation unit near Raipur, Chhattisgarh, with an investment of Rs 1,000 crore. This is the first time the company is setting up clinkerisation unit outside Rajasthan. "We have been acquiring the land for the last two years and have got partial success. We have acquired 75 per cent of the area and once completed, we will first set up the clinker plant," said HM Bangur, Managing Director, Shree Cement. The investment of Rs 1,000 crore would be funded through internal accruals. "Once the entire land purchase is complete and we are sure about the time frame of the clinker unit, three to six months from thereon, we will look at the grinding unit," said Bangur. In April 2007, nine cement companies had each signed a memorandum of understanding (MoU) with the Chhattisgarh government for new cement plants and expansion of existing ones, with a total investment of Rs 6,800 crore. Now, after four years, Shree Cement has revived its plan.