India: Star Cement has said that it plans to expand its capacity by an additional 2Mt/yr through a greenfield project in Silchar at a cost of US$47.2m. The expansion is expected to be completed within the next two years.
This announcement comes after Star Cement dismissed reports suggesting that Adani Group subsidiary Ambuja Cement had entered talks to acquire the company, as part of its strategy to expand its presence in the Northeast. According to the Economic Times, Star Cement labelled the claims as ‘speculative’ and clarified that ‘no such discussions are underway.’
Sanjay Agarwal, joint managing director of Star Cement, said “At a time when the building materials sector is growing, we are not looking to exit this business.”
Star Cement has a total installed production capacity of 7.7Mt/yr. Its operations include a 1.67Mt/yr integrated cement plant in Meghalaya and four grinding units.
