Ambuja Cement to Set up a Plant in Chh’garh

Raipur:  In its ambitious expansion plan, Ambuja Cements is going to invest Rs 3,000 crore in the current year in establishing two plants in the country, one of them in Chhattisgarh. The organization will hire 1,000 people for the same, informed Suresh Neotia, company’s Chairman.

The company is setting up two manufacturing plants, one each in Chhattisgarh and Himachal Pradesh. The two plants will have a combined capacity of 5 million tonnes per annum. After the two facilities are commissioned by the end of the current year, the total capacity of the company would increase to 23 million tonnes per annum.

Neotia said that company is expected to record a growth rate of 10-15 per cent in net profit in the current financial year. Besides, company’s gross revenues is slated to move up by 15 per cent.

On the sidelines of an event organied by the the Confederation of Indian Industry, Neotia said that the cement manufacturer would hire 500 people for each of the two new plants.

However, the company expects its exports to fall to 6-7 lakh tonnes in 2009, compared to a million tonnes in 2008.

Neotia added that said cement prices in the country is likely to see a correction of Rs 10-15 per bag by July.
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