JK Cement’s UAE project delayed
The 2.2 million tonnes (MT) UAE cement plant by JK Cement that was scheduled to go onstream by mid-2010 is likely to be delayed by at least three quarters.
The company is redrawing its strategy amid the global slump and meltdown. It is reworking the whole project cost of the proposed unit.
The company had worked out the project cost at around $400 million (Rs203 crore) with debt to equity ratio of 1:2.
The plant is to come up in Fujairah, in which the local government is likely to take 10% stake.
The company ruled out the possibility of opting out of the project. A lack of power at the location is another reason why the project has been delayed.