India: UltraTech Cement, has announced plans to invest US$875m on a growth plan to increase its overall cement capacity by 19.8Mt/yr across the 2022 and 2023 financial years. Upon completion of the expansions, the company reports that its capacity would rise to 136.3Mt/yr, ‘reinforcing its position as the third-largest cement company in the world outside of China.’
Chairman Kumar Mangalam Birla said that the company recorded net revenues of US$6.0bn in the 2021 financial year, adding that the stage was set for rapid growth in the Indian cement sector. Birla said, “The fiscal stance clearly seems to be poised for an acceleration of government capital expenditure in the coming years, especially with the national infrastructure pipeline projects,” Birla said. “The three factors of cyclical upswing, conducive policy impulses and an improving global backdrop is likely to align themselves to position India for a virtuous cycle of growth and investments in the medium-term.”
