Cement major Shree Cement on Tuesday inaugurated its new integrated plant in Andhra Pradesh’s Guntur to increase its manufacturing capacity to 56.4 million tonnes per annum (mtpa).
The company, in a stock exchange filing, said the new plant, which has a cement production capacity of 3 mtpa, was built with an investment of ₹2,500 crore and the capacity expansion will further “solidify” its position as a key player in the cement industry.
Integrated production facility
“Built with an investment of ₹2,500 crore, the Guntur plant will be Shree Cement’s sixth integrated production facility in the country and second in the Southern region after Kodla in Karnataka. Located strategically to cater to the growing markets of Telangana and Andhra Pradesh, the plant will contribute to the economic development of the region,” the company said.
The new unit, inaugurated six months ahead of schedule, is expected to generate approximately 700 direct jobs and 1,300 indirect jobs.
Speaking on the occasion, Neeraj Akhoury, Managing Director, Shree Cement, said, “We are committed to growing responsibly. The Guntur plant reflects this by using advanced technology for manufacturing and controlling emissions, making high quality cement with efficient use of energy.”
Shree Cement has cement manufacturing facilities across India and UAE. The company said the commissioning of the Guntur unit marked a significant milestone in the company’s journey towards achieving its production target of 80 mtpa capacity by 2028, by when 13 more plants will be operational, five of which are scheduled to be commissioned during this fiscal.
The company’s scrip ended the day at ₹26,479 apiece on BSE, down 0.03 per cent from the previous close.