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India Cements slashes price to Rs 255 per 50 kg bag

Press Trust of India  |  Chennai 

Chennai-based today said it has reduced prices of its to Rs 255-265 per 50 kg bag, two days after the government asked makers to take steps to cut escalating cost of the key construction component.

In a statement here, Chennai-headquartered said it had reduced the cost of a 50 kg bag to Rs 255 in Chennai and Chengalpet and Rs 265 per bag to stockists in other districts of the state.

The company, however, did not mention the prevailing price at which it was selling to stockists.

On Tuesday, Chief Minister M Karunanidhi had chaired a meeting of top heads of the state government and manufacturers, during which the government urged the latter to make efforts to reduce cement prices, which have been on the rise for the past few months, hovering around the Rs 290 per bag in the last few months.

The increase in cement prices had forced some builders to import it from Pakistan and Bangladesh at cheaper rates.

Last week, made a formal foray into the Northern region by commencing production at its Mahi Cement plant which the company invested about Rs 800 crore.

The plant has a capacity to produce 1.5 million tons and would cater to Rajasthan, Madhya Pradesh and Gujarat. With this new facility, the total capacity of India Cements would be 16 million tonnes.

First Published: Thu, November 04 2010. 16:22 IST