UltraTech to set up 3.5 mtpa cement plant in Rajasthan

UltraTech Cement, an Aditya Birla group company, plans to set up a 3.5 mtpa plant at Pali in Rajasthan, at an estimated cost of around Rs1,850 crore, with commercial production expected to start by June 2020.

This plant is being set up in one of the fastest growing markets in the country and the highest cement consuming State in the North Zone. It will cater to the markets in western Rajasthan where UltraTech does not have a significant presence, the company said in a statement.

With this expansion UltraTech will have a footprint across the country with 50 plant locations, alongwith 103 ready mix concrete plants, committed to supporting the growth of the nation.

The company's board also approved a proposal to increase investment limits by Registered Foreign Portfolio Investors (RFPIs) from the existing limit of 30 per cent paid-up equity share capital upto 40 per cent. These include investments from Foreign Institutional Investors (FIIs).

The increase will make available more space for the RFPIs to invest in the equity share capital of the company.