Kolkata, Feb 1: Concast Group Wednesday said it is planning to set up a 1.2 million tonnes per annum (mtpa) cement plant at Arunachal Pradesh, pumping in an estimated investment of Rs 8 billion.
The company, which has recently acquired majority stake at a 0.5 mtpa cement plant at Jamshedpur (Jharkhand), is also looking to invest Rs. 3 billion to expand the capacity of the plant to 1.2 mtpa by the end of 2012.
“Environmental clearance for the Arunachal unit is expected within a month and the plant is expected to be operational within two years after that,” Concast Group chairman and managing director Sanjay Sureka told reporters here.
“Both the Jamshedpur and Arunachal plants have limestone reserves close to the plant that would benefit the company,” Sureka said.
The Kolkata-based company also plans to invest Rs 5.50 billion to upgrade capacity of its Jharsuguda (Orissa)-based steel plant from 0.5 mtpa to 1.4 mtpa.
Concast, which is eyeing to diversify into hospitality sector, has acquired two acres at a cost of Rs.96 crore off EM Bypass in Kolkata. It plans to develop a 150-room hotel and residential complex at the site.