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UltraTech Cement gains on board nod for expansion, increase in FII limit

The stock was trading 2% higher at Rs 4,236 on the BSE after the company said its board approved the setting up of a 3.5 mtpa integrated cement plant at Pali, Rajasthan

SI Reporter  |  Mumbai 

Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad
Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of Ahmedabad

was trading 2% higher at Rs 4,236 on the BSE after the company said its board approved the setting up of a 3.5 mtpa integrated cement plant at Pali, The commercial production from the plant is expected to commence by June 2020, said in a press release. The plant is being set up in one of the fastest- growing in the country and the highest cement-consuming State in the North zone.

The plant will cater to the Western market, where the firm does not have a significant presence, it added. With this expansion, the company will have a foot print across the country with 50 plant locations, along with 103 ready-mix concrete plants. Meanwhile, the board also approved a proposal to increase investment limits by Registered Foreign Portfolio Investors, including Foreign Institutional Investors, from the existing 30% of the paid-up equity share capital, to 40%, it said.

First Published: Mon, December 11 2017. 09:59 IST
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