Shree Cement signs MoU with Government of Karnataka

To invest Rs 2000 crore in Cement and Power Plant in the State

Shree Cement Limited, the largest cement manufacturer of North India and among top five cement manufacturers in the country, signed a Memorandum of Understanding with the Government of Karnataka to set up a Cement plant with the capacity of 3 million tones per annum with an investment of Rs 1500 crores and a Power Plant of 100 MW with an investment of Rs 500 crores.

The MoU was singed in the presence of Hon’ able Chief Minister of Karnataka Mr. B S Yediyurappa and Mr. M K Singhi, Executive Director, Shree Cement. The mining lease has been allotted to Shree Cement for the Cement Plant and both the projects have received green signal form the High Power Committee, Government of Karnataka.

Mr. H M Bangur, Managing Director, Shree Cement Limited said that “We are extremely delighted with this development and with the signing of this MoU we would be able to capture more opportunities in one of the fastest-growing markets in the country. We also aim to provide with best products & services to our customers across all geographies”.

Mr. M K Singhi, Executive Director, Shree Cement Limited said “It is heartening to see the kind of support that we have received from the Government of Karnataka that led to stage of signing this MoU. Alongside establishing our strong presence in southern part of the country, we expect to generate more than 2500 direct and indirect employment for the local people”.

Shree Cement is quite upbeat to enhance its presence in the power sector   value chain   through its power business development group i.e., Shree Power Trading, which has been recently granted Category –I, Interstate Power Trading license by CERC.

About Shree Cement Limited
Shree Cement Limited, the largest cement manufacturer of North India and among top five cement manufacturers in the country, is an energy conscious and environment friendly organization and is a part of many international forums propagating green initiatives. Its “Optimal Utilization of Clinker” project has already saved large amount of carbon emission and earned carbon credits for the same. Its latest initiative is setting up of 40 MW Green Power projects which will be largest capacity of in the entire world cement industry. The Green Power Plants would utilize waste heat generated from Company’s cement plants which is presently emitted into atmosphere and thus would conserve precious fossil fuel sources. Recently, Shree Cement won the prestigious first prize in Energy Conservation for Ras Unit V for the year 2009.

Shree Cement has been rated one among the top 20 Best Employers in India as per a survey carried out by Business Today Magazine along with Mercer-TNS. Shree Cement is the only Cement Company and only Company of Rajasthan, which finds place in the said list. The high ranking of the Company in the survey, is a recognition to Company’s first-rate HR practices and “happy family” culture fostered in the organization.