Ramco Cements Ltd is proposing to spend about ₹750 crore expanding capacity in Odisha and also acquiring land for its new project in Karnataka during this fiscal.
“Our capex commitment for FY24 includes adding another 0.9 million tonnes of grinding capacity at the Haridaspur plant in Odisha at a minimal outlay of ₹130 crore, given other infrastructure is already in place. An estimated sum of ₹620 crore is earmarked for acquiring land for the Bommanalli project in Karnataka. Both of these projects will also help increase our market share, AV Dharmakrishnan, CEO, said in the company’s annual report.
In Odisha, the company plans to establish Line II at its existing Grinding Unit, located at Haridaspur, Jajpur District. The additional output would help the company enhance its market share in Odisha and other Eastern States.
The Company has been declared the Preferred Bidder by the Department of Mines and Geology, Government of Karnataka, for the Bommanalli Limestone Block in Kalburgi District, Karnataka, and has been issued a Letter of Intent for the grant of a mining lease. Accordingly, the Company has deposited ₹40 crore with Government Departments as upfront payments, which are eligible for adjustment against royalty payable upon commencement of mineral production.
In FY23, the company incurred a total capex of ₹1,765 crore in capacity expansion programmes.
In FY23, the company incurred a total capex of ₹1,765 crore in capacity expansion programmes.
