Jaypee to invest Rs 1,050 cr in Assam cement plant

Diversified business house Jaypee Group today announced an investment of Rs 1,050 crore to set up a greenfield cement plant in Assam with an annual capacity of 2 million tonnes.

The group's flagship company Jaiprakash Associates has signed a memorandum of understanding with Assam Mineral Development Corporation (AMDC) for setting up the plant at Umrangshu in North Cachar Hills district, the company said in a statement.

The plant would be developed by a joint venture, to be incorporated soon, where Jaiprakash Associates would hold 82 per cent stake and the balance 18 per cent would be allotted free of cost to AMDC, it added.

 

Jaiprakash Associates Executive Chairman Manoj Gaur said the total investment has been estimated to be Rs 1,050 crore in the project, which would offer employment to about 3,000 people during construction phase.

After completion of the project, it is expected to generate direct employment for 1,500 persons.

The project, based on the limestone reserves of 157 million tonnes in the region, attracted bids from 23 companies.

The group is engaged in the business of power, real estate, hospitality, cement, among others.