Visaka Ind to set up cement sheet plant
Visaka Industries is setting up a 100,000-tonne capacity asbestos cement sheet plant at Sambalpur in Orissa at an estimated cost of Rs40 crore to meet the rural demand, according to the company’s vice-chairman G Vivekanand. Further, the company is also ramping up the capacity of its Pune plant from 65,000 tonne to 100,000 tonne at a cost of about Rs15 crore. This is expected to be ready in a year.
On the power front, the company has also inked a memorandum of understanding with the Orissa government for setting up a 1,000 Mw plant. The project is expected to be set up in two phases at a cost of Rs4,000 crore.
Visaka has already initiated the land acquisition process for this project and will form a special purpose vehicle in a joint venture to execute the project. According to a company official, internal accruals and long term debt will be sought for the project.