Mumbai, Apr 21 (UNI) Binani Cement Ltd (BCL) has pursued strategy of growth by expanding its operations in India as also in China and Dubai.
BCL Deputy Managing Director Mr Vinod Juneja told mediapersons here today that the Company has invested in 70 per cent paid up share capital of Shangdong Binani Rong Cement Company Ltd,(SBRCC) China, through its wholy owned subsibidary Krishna Holdings Pvt Ltd (KHL), Singapore.
The Company, last month, has invested in 100 per cent of the paid up Equity share Capital of Mukundan Holdings Ltd (MHL), a company registered in British Virgin Islands (BVI).
It has also invested in 49 per cent of the paid up Equity Share Capital of Binani Cement Factory LLC, Duba, (BCF), which is operating 1.2 million tonnes slag and cement grinding facility in Jebel Ali, Dubai. The capacity is being increased to two million Tonnes per annum, Juneja said.
MHL has last month also acquired 50 per cent of paid up Equity Share Capital of KHL, making it a wholly owned subsidiary of the company. SBRCC, a subsidiary of the company, has embarked on expansion of its cement production to 2.50 million tonnes per annum.
Meanwhile, Board of Directors of the Company at its meeing held here today, inter alia, has recommended of dividend at the rate of Rs 2.50 per cent for the year ended March 31, 2008 subject to requisite approvals, against Rs 20 per Equity Share last year. The Register of shareholders will reman closed from June 18 to June 23, 2008 for the purpose of payment of dividend.
BCL has posted profit after Tax at Rs 175.82 crore during the financial year ended March 31,2008 compared to Rs 95.61 crore in the corresponding period last year.
He said consequent upon installation of the company's Spilt Cement grinding unit at Neem Ka Thana (NKT) on March 31, 2008, the cement capacity has been increased to 6 million tonnes per annum.
The first phase of the two new 22.3 MW power plants has started generating power last month, which meets about 85 per cent of the power requirement of the Cement Plant at Sirohi in Rajasthan. After commissioning of the second phase of the power plant of 22.3 MW, slated in the second quarter of the current year, the total power requirements of the plant including the split grinding facility at NKT will be met. Development work has been initiated in respect of the lignite mine allotted to the company in Rajasthan.
The supply of lignite from the mines would facilitate reduction in cost of power from Cost of Production Price (CPP), Juneja added.
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