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JK Cement enters the South India Grey Cement Market with 3.5 million tonne new cement project
Posted On : 2006-12-08 20:35:12( TIMEZONE : IST )
JK Cement Ltd has announced that on December 08, 2006 the foundation stone of the first Greenfield Cement plant of Jaykaycem Ltd, a wholly owned subsidiary of the Company, was laid by Sh. H D Kumaraswamy, the Hon'ble Chief Minister of Karnataka at village Muddapur, dist. Bagalkot. Karnataka with lots of fanfare.
The Company also announced the inauguration of two new projects at the same venue - 50 MW capacity Captive Power Plant which was inaugurated by Sh. B S Yediyurappa, Hon’ble Dy. Ch. Minister & Fin. Minister and Jaykay Nagar — a residential colony, inaugurated by Sh. Katta Subramanya, Hon'ble minister for major and medium industries, Govt. or Karnataka.
Speaking on the occasion, Shri Yadupati Singhania, MD & CEO, of the Company said, "It gives us immense satisfaction to start the work on a dream that we were nurturing for a long time. Even though the people of Karnataka and other adjoining states are already familiar with the J K Cement brand due to our strong presence in the while cement market of the region, we didn't want to lose the huge opportunities that the grey cement market of the region has." "Once commissioned, this factory will not only provide the state and central govt. with revenue worth Rs 290—300 crores but will also generate direct and indirect employment to almost 10000 people of Karnataka by the year 2008." further added Shri Singhania.
The plant, with an investment of Rs 950 crore in the first phase, will be instrumental in the Socio-economic growth in the surrounding villages of the state. The company expects to commission the project by September / October 2008 and is confident about providing direct and indirect employment to about 10,000 people of Karnataka. The company plans to market the cement produced at the plant in the states of Karnataka, Goa, Andhra Pradesh, and Maharashtra alongwith some parts of Kerala.
The plant, based on the latest sophisticated current technology available in the world, will have a capacity of 3.5 million tonnes once the split grinding unit at Bellary is implemented with an additional investment of Rs 120 crore.
