Shiva Cement to invest Rs 163 cr on capacity expansion
BS Reporter / Mumbai Dec 01, 2009, 11:50 IST
Orissa-based Shiva Cement is planning to expand its production capacity by 0.66 million tonnes in its existing 2.3 million tonnes at an investment of Rs 163.5 crore to meet the region’s rising demand.
The company proposes to fund the project with a term loan of Rs 80 crore while the remaining amount is expected to arrange through internal accruals.
The company also proposes to come out with a rights issue or preferential allotment of equity shares in near future. Cement demand in the eastern zone during the quarter ended September surged 17 per cent, the highest zonewise growth in the country, mainly from rural sector as government’s fiscal stimulus multiplied investment on housing projects.
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