JSW Cement on Tuesday said it will invest more than Rs 3,200 crore to set up two greenfield cement manufacturing facilities having a total capacity of 5 million tonnes per annum in central India.
The company, part of the $22 billion JSW Group, will set up an integrated greenfield cement manufacturing facility in Madhya Pradesh as well as a split grinding unit in Uttar Pradesh.
“The combined cement capacity across both these units will be 5 MTPA,” the company said in a statement.
The proposed investment will be for an integrated cement plant with 2.5 MTPA (million tonnes per annum) clinker capacity, 2.5 MTPA grinding capacity, a 15 MW Waste Heat Recovery System, a modern residential colony in Madhya Pradesh, and a 2.5 MTPA grinding unit in Uttar Pradesh.
On Monday, India Cements Ltd announced selling its entire stake in Springway Mining Pvt Ltd (SMPL) to JSW Cement for a total consideration of Rs 476.87 crore.
SMPL owns lime - stone-bearing land in the Panna district and is in the process of setting up a cement plant in the Damoh district. Both are in Madhya Pradesh.
“This acquisition provides JSW Cement access to substantial limestone reserves of approx 106 million tonnes, including a mining lease valid until 2065,” JSW Cement said on Tuesday. The limestone mine is spread over 500 hectares in the Panna district.
