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Birla Corp to infuse Rs.2,400 cr for expansion
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SME Times News Bureau
The M.P. Birla group's flagship company Birla Corporation will infuse Rs.2,400 crore over the next few years to fund its expansion plans in cement and clinker.
Disclosing this to shareholders during the company's 90th Annual General Meeting (AGM), before it was adjourned amid high drama, chairman Harsh Lodha said the company will pump in Rs.500 crore for expanding its facilities at Satna in Madhya Pradesh, Rae Bareli in Uttar Pradesh and Durgapur in West Bengal.
"At Satna, the first phase of the programme to enhance the clinker capacity has already been completed. Once the second and final phase is completed the total clinker production will go up to 3.4 million tonnes per annum from 2.4 million tonnes now," Lodha said.
At Chanderia in Rajasthan, the company is setting up a 1.2 million tonne brownfield cement plant by investing Rs.605 crore.
All the projects will be completed by July next year, taking the group's cement and clinker capacity to 9 million tonnes per annum from the present figure of 6 million tonnes.
The company also plans to set up a cement plant with an annual capacity of up to three million tonnes with an investment of around Rs.1,300 core at Satna.
"But though the Madhya Pradesh government has recommended to the union government for allotment of mining lease of about 2,130 hectares in Satna to the company, the matter has been challenged in the court. We have to wait for the resolution of the issue."
Lodha said the company was looking to foray into construction including road, besides cold storages and warehousing. "The company has also signed a memorandum of understanding with the Assam government for setting up a 1 million tonne cement plant."
It also has plans to venture into renewable energy sector including solar and wind.
The AGM was, however, stalled midway into Lodha's reply to the points raised by the shareholders, following a court stay order.
"There have been some developments. The company has been served a letter by an advocate that some order has been passed in Alipore court. The company has taken legal advice. To be on the safe side and ensure highest forms of transparency we have decided not to take up business of the AGM," Lodha informed the meeting.
He said the adjourned meeting would be held June 29 at 10.30 a.m.
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