Adani’S Ambuja Cements To Invest Rs 1,600 Crore To Set Up Cement Plant In Bihar
(MENAFN- IANS) Patna, Aug 3 (IANS) Ambuja Cements, part of the diversified Adani Portfolio, on Saturday announced to invest Rs 1,600 crore to set up a 6 MTPA cement grinding unit in Bihar.
Aimed at boosting infrastructure, the Warisaliganj Cement Grinding Unit is likely to contribute approximately Rs 250 crore per year to the state's fiscal revenue and creating 250 direct and 1,000 indirect jobs for the state.
“This investment by the Adani Group is a testament to Bihar's growth potential and our commitment to fostering sustainable development for the people of the state,” said Chief Minister Nitish Kumar.
The project will be implemented in three phases, with the first phase of 2.4 MTPA at an investment of Rs 1,100 crore targeted to be commissioned by December 2025.
“This investment aligns with the state government's development programmes and our growth plans. The cement industry is witnessing healthy volumes due to the government's infrastructure thrust, and Ambuja Cements is well-positioned to support sustainable infrastructure development in the country,” said Pranav Adani, Managing Director (Agro, Oil & Gas) and Director, Adani Enterprises Limited.
“We look forward to collaborating with the state government, authorities, and local communities on this and future projects,” Pranav Adani added.
Adequate provisioning of land for future expansion is in place which will be commissioned in due course at much lower capex, said the company.
The project will meet the growing infrastructure needs of Bihar, aligning with priorities outlined in the recent Union Budget.
The company's first venture in Bihar marks the largest investment in the state by a cement industry player.
-IANS
na/uk
MENAFN03082024000231011071ID1108512972
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.