Shree Cement to invest Rs 7,000 crore in Andhra Pradesh plants
The company plans to establish manufacturing units in Kadapa, Anakapalli and Guntur districts.
Shree Cement Ltd will invest Rs 7,000 crore to set up manufacturing plants in Andhra Pradesh, according to The Economic Times. The company, which is the third-largest cement group in the country by capacity, intends to build these facilities in the Kadapa, Anakapalli and Guntur districts.
Shree Cement Vice President Sumanth Gautham announced the plan on Thursday during the Visakhapatnam CII Summit. Gautham stated that the decision was made due to the investment-friendly environment in the state and the incentives provided by the coalition government led by Chief Minister N Chandrababu Naidu.
Gautham also noted that the pace of land allotment for industrial projects is moving quickly, which encourages investors to begin operations in the state. The company currently maintains an annual production capacity of approximately 75 million tonnes.
In addition to its Indian operations, the Bangur family-promoted company operates manufacturing sites in the UAE. The firm is working towards a goal of exceeding 80 million tonnes of production capacity in the coming years.