Jaiprakash to invest Rs 5,000cr to set up 8 units by '10

New Delhi, Nov 27 (UNI) Jaiprakash Associates Ltd will invest Rs 5,000 crore to set up eight manufacturing plants in a phased manner for increasing its production capacity by more than three-fold at 25 million tonnes per annum (MTPA) by 2010.

''We will invest about Rs 5,000 crore to set up new plants in eight different states in the next three years,'' company's Chief Operating Officer (Cement) Rahul Kumar said on the sidelines of a seminar here.

The new plants will be set up in eight states--Himachal Pradesh, Gujarat, Madhya Pradesh, Chhattisgrah, Jharkhand, Haryana, Uttar Pradesh and Uttaranchal, he said.

Post-expansion, the arm of Jaypee Group will scale up its capacity to 25 MTPA from the present seven MTPA through its existing four units, Mr Kumar said.

The company, that targets to capture number three position, has already raised 700 million dollars through three series of foreign currency convertible bonds (FCCB).

''The rest will raised through long-term debt from financial institutions,'' Mr Kumar added.

UNI