Century Ply to invest Rs 1,670 cr for new plants, go for IPO

Kolkata, May 16 (UNI) Century Plyboards India Limited (CPIL) will invest Rs 1,670 crore to set up cement and clinkers plants, ferro alloy, plywood plants in eastern India within the next three years.

Speaking at a press conference here today, CPIL Managing Director Sajjan Bhajanka said the Cement Manufacturing Company Limited, a Century Group company, would go to the market to raise Rs 200 crore through an Initial Public Offer(IPO) for these projects. Another Rs 200 crore would be sourced from internal accrual.

''We will borrow the rest Rs 1,200 crore from the FIIs. The projects would take a maximum period of three years,'' he said.

The company would set up a new two-million-capacity plant under the banner of CMCL, in Tura in Meghalaya. The company acquired CMCL last year. The Star brand of CMCL is the leading brand in North East.

''We will invest Rs 700 crore in this plant. The project report has been prepared and we are waiting for environment clearance Central Empowered Committee(CEC),'' he said.

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