Stone laid for JayKay Cem's auxiliary unit

The foundation stone for the Rs 1,000-crore green field cement plant, being set up by wholly-owned subsidiary of JayKay Cem Ltd, was laid at Muddapur village in Mudhol taluk of Bagalkot district in north Karnataka on Friday.

Head of Kasaba Jambagi Mutt Rudramuni Shivacharya laid the foundation stone for the plant, thermal power unit and township. The seer hailed the JayKay Group for setting up the plant in the industrially backward Bagalkot district and said it would help in the development of the region.

M P Nadagouda, member of legislative council, who spoke on the occasion, urged the company to provide employment to the local youth.

CEO and managing director of JayKay Cem Ltd, Yadupat Singhania said the company would make use of the rich deposits of raw material available in the region for the cement plant. "We will get raw material from Goa and Maharastra also and the unit will cater to the demand for cement from the entire south India" he said.

The thermal power plant will produce 50 mw electricity. The township, JayKay Nagar, will have school, college, hospital, temple and other amenities, Singhania said.

The construction will be over in 18 months and the plant will start production of cement in 2008. Singhania said the plant would fetch the state government an annual revenue of Rs 300 crore by way of various taxes. The Jaykays will also set up an auxiliary unit at Bellary at a cost of Rs 120 crore, the MD informed.