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Dalmia Bharat to invest Rs 758 cr in Jharkhand

Capital Market 

Dalmia Bharat said its subsidiary, Dalmia Cement (Bharat), signed three memorandum of understandings with the Government of Jharkhand to invest Rs 758 crore in the state.

Dalmia Cement will invest Rs 500 crore in its manufacturing unit at Jharkhand Industrial Area Development Authority Bokaro. In addition to expanding its existing capacity of 3.7 Mnt through debottlenecking, the company plans to set up a new grinding unit, taking the overall cement manufacturing capacity at Bokaro to 6.3 MTPA.

Further, the company has signed a pact with the Government of Jharkhand to set up a solar power plant to provide clean energy to the state. The company will further invest Rs 250 crore for establishing the solar power plant. Besides this, another MoU was signed for solid waste management wherein the company will invest Rs 8 crore for setting up material recover facility and legacy waste-bio mining activity for solid waste management under Ranchi Municipal Corporation.

Earlier this month, Dalmia Bharat had unveiled a long-term plan to grow its cement capacity in the country. It plans to raise its cement manufacturing capacity to 110-130 million tonnes per annum by 2031, which would be done through a mix of organic & inorganic opportunities with an inclination towards the more planned & cost-effective organic route. The company will expand into new regions of operations while consolidating its position in its existing markets.

Dalmia Bharat's consolidated net profit surged 26.6% to Rs 238 crore on a 36.2% jump in net sales to Rs 2,589 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

Dalmia Bharat is a cement manufacturing company. Its segments include cement, refractory and power.

Shares of Dalmia Bharat rose 0.92% to Rs 2,050 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, August 30 2021. 09:18 IST
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