Vicat to invest over Rs 1,700 crore in India

Vicat SA, a French cement major which entered India a decade ago, is planning to raise its annual cement production capacity to 11 million tonnes (MT) over the next three years in the sub-continent, which is world’s second-biggest cement market.

The euro 2.6 billion Paris stock exchange listed firm has decided to invest EURO 223 million or about Rs 1,735 crore over the next four years between 2018 to 2021 to expand production capacities to 11 MT per annum and strengthen the brand’s presence in the south and west.

Speaking to Financial Chronicle, Anoop Kumar Saxena, CEO at Vicat India, confirmed the development and said at present its Kalburgi cement plant at Gulbarga district of Karnataka and Bharathi Cement in Hyderabad together have an installed capacity to produce 7.75 MT of cement per annum.

According to Saxena, the company would spend about Rs 1,225 crore (EURO 153 million) in expanding its Kalaburagi factory from 2.75 MT per annum to over 5 MT.

The Kalburgi facility was acquired in 2014 after Vicat ran it as a joint venture with Sagar Cements for six years, while in April 2010, Vicat Group acquired 51 per cent stake in Bharathi Cement.

Image Credit : i.ytimg.com

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