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Sagar Cements to raise capital to fund expansion drive

Press Trust of India  |  New Delhi 

will raise funds to finance expansion of its grinding unit at Visakhapatnam to 15 lakh tonnes per annum (LTPA) as well as to set up a 15 MW coal-fired power plant at Mattampally.

The company's Board "in-principle" approved expanding the capacity of its grinding unit at Anakapally (Visakhapatnam) from 3 LTPA to 15 LTPA, the firm said in a regulatory filing today.

It also approved setting up a 15 MW coal-based power plant at the firm's Mattampally plant, it added.

"To consider raising funds including through issuance of securities to meet the cost of implementing the above projects and for general corporate purposes, subject to approvals, confirmation and consents as may be necessary," it said.

The filing, however, did not elaborate on the amount of funds that the firm intends to raise.

The company has a cement manufacturing capacity of 2.35 million tonnes per annum (MTPA), while it has a clinker capacity of 2 MTPA.

On a consolidated basis, the firm clocked a production of 1.08 million tonnes (MT) during the April-September period this fiscal, while its sales stood at 1.08 MT.

Its major markets include Telangana, Andhra Pradesh, Odisha, Maharashtra, Karnataka and Tamil Nadu.

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

First Published: Wed, October 19 2016. 20:48 IST