JK Cement to set up 3.5 MTPA greenfield project with Rs 950 cr

Mumbai, Dec 8 (UNI) JK Cement is all set to enter southern Grey cement market with its new greenfield cement project of 3.5 million tonnes (MT) per annum capacity, with an investment of Rs 950 crore at Bagalkot district of Karnataka.

''The plant, with an investment of Rs 950 crore in the first phase, will be instrumental in the socio-economic growth in the surrounding villages of the state'', JK Cement MD and CEO Yadupati Singhania said today.

The company expects to commission the project by September/October 2008 and is confident about providing direct and indirect employment to about 10,000 people of Karnataka, Mr Singhania added.

''Once commissioned, this factory will not only provide the state and central government with revenues worth Rs 290-300 crore but will also generate direct and indirect employment to almost 10,000 people of Karnataka by the year 2008'', said Mr Singhania.

The plant, based on the latest sophisticated current technology available in the world, will have the capacity of 3.5 MT, once the split grinding unit at Bellary is implemented with an additional investment of Rs 120 crore, he said.

The company will market the cement produced at the plant in the states like Karnataka, Goa, Andhra Pradesh, and Maharashtra alongwith some parts of Kerala, a company statement said.

It also announced the inauguration of two new projects at the same venue -- 50 MW capacity Captive Power Plant and Jaykay Nagar, a residential colony.

The foundation stone of the plant was laid by Karnataka Chief Minister H D Kumaraswamy at Muddapur village today.

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