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News Shree Cement plans US$1.26bn capital expenditure to exceed 55Mt/yr capacity by March 2023

Shree Cement plans US$1.26bn capital expenditure to exceed 55Mt/yr capacity by March 2023

Written by Global Cement staff 24 January 2020
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India: Having announced that it will not participate in bidding for Emami Cement, Shree Cement has announced a planned increase to its production capacity of at least 13.1Mt/yr to 55.0Mt/yr or more by 28 February 2023 from 41.9Mt/yr. It would do this through as yet undisclosed upgrades worth a total of US$1.26bn. The Business Standard newspaper has suggested that the measure is aimed at taking on UltraTech, the expected winner in the auction for Emami Cement’s 5.6Mt/yr-capacity installed assets (under expansion to 8.7Mt/yr).

A source of additional capital for Shree Cement’s planned expansion will be a qualified institutional placement (QIP) through which it has raised US$337m. The company acknowledged that it might reach its target through acquisitions from other producers, for which it would not exceed US$80/t of capacity.

Last modified on 29 January 2020
Published in Global Cement News
Tagged under
  • India
  • Shree Cement
  • UltraTech Cement
  • Emami Cement
  • Capacity
  • Upgrade
  • Investment
  • Acquisition
  • Price
  • GCW440

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