Birla Corp to set up cement plant in AssamJanuary 13th, 2011 - 8:07 pm ICT by IANS
Kolkata, Jan 13 (IANS) Birla Corporation Limited, the flagship company of the M.P. Birla Group, Thursday signed a pact with the Assam Mineral Development Corporation for setting up a one-million tonne greenfield cement plant in Assam at a cost of around Rs.450 crore.The joint venture project, generating direct and indirect employment for around 1,200 people, is proposed to be set up at Umrangsu in the North Cachar Hills district, a company statement said.
The memorandum of understanding (MOU) was inked in Guwahati in the presence of Chief Minister Tarun Gogoi, and other government officials and Birla Corporation chairman Harsh Lodha.
The company has deposited Rs.1.5 crore (1 percent of the equity base) as earnest money to the AMDC, an Assam government undertaking.
Birla Corporation will have 87.5 percent equity in the joint venture company and the balance 12.5 percent will be allotted free of cost to the AMDC. The project, which the company bagged through open bidding, will enjoy the statutory incentives for setting up industry in the backward region in the northeast.
The Rs.2,400-crore Birla Corporation Limited has seven cement plants in India in the states of West Bengal, Uttar Pradesh, Madhya Pradesh and Rajasthan.
The company has a production capacity of more than 7 million tonnes of cement currently, which is poised to go up to 9.3 million tonnes by 2011, and aimed at reaching 15 million tonnes in the near future.
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