India: Shree Cement has announced plans to invest US$223m in a new 2Mt/yr cement plant in Maharashtra’s Vidarbha region, as part of its three-year strategy to boost overall cement capacity from 68Mt/yr to 80Mt/yr. Chair Hari Bangur said the proposed plant will be located in Kondala, Chandrapur district. A letter of intent was signed in the presence of Maharashtra’s Chief Minister, Devendra Fadnavis.
“Land is almost taken, terms of reference have come, now environmental clearance is awaited. After environmental clearance, it is a matter of two years before the whole plant is there,” said Bangur.
The company already operates a grinding unit in Pune. While Shree Cement has not disclosed other specific locations for future plants, Bangur said land acquisition is underway and ‘plans are in place.’ After achieving 80Mt/yr capacity by 2028, the company reportedly aims to expand further to 100Mt/yr. The new plant will be funded entirely through internal accruals. Bangur stated that Shree Cement has over US$557m in cash reserves and will not require external borrowing for the project.
