Hi-Bond Cement to invest Rs1,300 crore in Rajasthan
“We have approached the Rajasthan government with a proposal. Their response was positive. Our team has identified seven locations in the state and we are hopeful to start this project as soon as possible,” said managing director of Hi-Bond Cement, Rajan Vadalia. The company plans to complete the project in three years time. The plant will be set up at an initial production capacity of three million tonnes per annum.
Vadalia said, “We will manage around 60% of the investment amount ourselves and the remaining will be raised from the market.” To manage fund, Hi-Bond plans to come up with an initial public offering (IPO) during the project period. With this plant, the company aims to tap into the market in north India. Meanwhile, the company recently expanded its Rajkot production facility from 660,000 tonnes to 1.30 million tonnes.