India: Cement producer Dalmia Bharat plans to raise up to US$422m in new capital to finance planned capital expenditure, working capital and investments in subsidiaries and the repayment of debt. Projects Today News has reported that the producer will raise the funds through equity shares, qualified institutional placements, Global and US Dollar American Depositary Receipts, foreign currency convertible bonds, convertible debentures and other securities.
Dalmia Bharat aims to achieve an installed capacity of 110 – 130Mt/yr by 2031, more than double its present 49.5Mt/yr. The producer is pursuing a combined strategy of expansions and acquisitions. It has forecast composite Indian cement demand growth up to that time of 6 – 7%, driven by all construction segments.