Comments
Nuvoco Vistas Corp, the fifth largest cement company in India, plans to invest ₹1,500 crore for setting up a greenfield project with 2.18 million tonne per annum (mtpa) clinker capacity at Kalaburagi (formerly known Gulbarga) in Karnataka.
The company expects ground-breaking for the project to be in the next fiscal, it said in a statement on Thursday.
It already has an operational limestone mine at the site and the new facility will expand its footprint in western and central India.
Expanding capacity
Apart from this, Nuvoco will invest about ₹400 crore to increase capacity by 2.4 mtpa by upgrading its blending unit at Bhiwani, Haryana to a grinding unit. The prevailing infrastructure at site will help expedite the project commissioning with limited capex, said the company.
The debottlenecking and upgradation projects will augment collective volume by 2.4 mtpa, Nuvoco said.
The ongoing debottlenecking projects to increase clinker capacity at Risda and Nimbol Cement Plants are on track, Nuvoco added.
The company is also setting up alternate fuel material handling facilities at Risda and Nimbol Cement plants with investment of about ₹50 crore, it said.
Long term growth plans
Hiren Patel, Chairman, Nuvoco Vistas, said the proposed expansion plans will significantly contribute towards sustainable and inclusive growth.
Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas, said the company is well placed to ride the long term growth trajectory with cement demand estimated to grow at a CAGR of 6-7 per cent by FY26.
The current growth investments will help the company seize the opportunities predominantly in the northern and western parts of the country, he added.
Nuvoco Vistas Corp, a part of Nirma Group company, currently has a consolidated capacity of 22.32 mtpa with a major presence in the East.
Nirma Group forayed into the cement business in 2014 through a greenfield cement plant in Nimbol and acquired the Indian cement business of LafargeHolcim in 2016.
The company has 11 cement plants in West Bengal, Bihar, Odisha, Chhattisgarh, Jharkhand, Rajasthan and Haryana. It has five integrated units and five grinding units besides one blending unit.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.