Ultratech to invest Rs 3,000 cr on its plant in MP
In Madhya Pradesh, AdityaBirla Group-owned cement major, Ultra Tech, has decided to invest Rs 3,000 crore in Katni district for setting up a cement plant there. The amount would be spent over three to five years' time. This was confirmed by MP Trade and Investment Facilitation Corporation MD Arun Kumar Bhatt. The company is planning to set up a new 2 mta cement plant there, he added.
The MoU was signed by Bhatt on behalf of State government and Ultra Tech executive president RM Gupta. The venture will generate employment for 4,000 people, including direct and indirect, in state. Bhatt said the company inked the MoU in Bhopal on July 25 and it is also likely to have a captive power plant at the plant for which it will be investing Rs 300 crore separately. The company will fund majority of the capital expenditure through internal accruals. At present, the company has one cement plant operating in Satna district.
However, the company is planning to come up with one more cement plant in Satna and another in Dhar district, said Bhatt.