New Delhi: Aditya Birla group firm UltraTech Cement on Saturday said it will set up a new plant in Rajasthan with a proposed investment of Rs 1,850 crore.
The plant, which will have a capacity of 3.5 million tonnes per annum (MTPA), is expected to commence commercial production by June, 2020.
"The board of directors at its meeting held on Saturday have approved setting up a 3.5 MTPA integrated plant at Pali, Rajasthan at an investment of Rs 1,850 crore," said UltraTech in a regulatory updates.
With this expansion UltraTech will have a foot print across the country with 50 plant locations, it added. This plant is being set up in one of the fastest growing markets in the country and the highest cement consuming states in the North Zone.
"It will cater to the markets in Western Rajasthan where Ultratech does not have significant presence," it added.
Meanwhile, UltraTech also informed that its board has also approved a proposal "to increase in the investment limits by RPFI, including FIIs, from the existing limit of 30 per cent of the paid-up equity share capital to up to 40 per cent of the paid-up equity share capital of the company".
This would make availability of more space for registered foreign portfolio investors (RPFI) to invest into the equity of the company. However, the decision will be subject to approval from the share holders and other regulatory clearances.