VicatSagar to tap external sources
VicatSagar Cement Limited, a 51:49 joint venture between France-based Vicat and Andhra Pradesh Sagar Cements, is raising a little over Rs 400 crore through debt and equity from external sources to set up its Rs 1,600 crore cement plant in Karnataka.
The 2.7 million tonnes per annum integrated cement plant will come up near Chatrasala village, Gulbarga district in Karnataka, on the border of Andhra Pradesh.
The project consists of the first phase of a two-phase development program and also involves the construction of a 40 MW captive power plant, a waste heat recovery unit and necessary infrastructure to accommodate a doubling of the plant’s capacity when the two-phase program is completed in the future.
The project is scheduled to start commercial operations in 2012 and is expected to create close to 600 direct and over 1500 indirect jobs around the region both during the construction and operational stages.