Kesoram plans to invest Rs.2,000 crore in 15 months (Lead)
June 26th, 2009 - 8:17 pm ICT by IANSKolkata, June 26 (IANS) Kesoram Industries plans to invest Rs.2,000 crore on capacity augmentation of its cement and tyre plants over the next 15 months, a top company official said here Friday.
“Out of this, the Vasavadatta cement plant will receive Rs.750 crore to increase its capacity by 1.65 million tonnes,” company chairman Basant Kumar Birla told reporters.
At present, Kesoram has a capacity to produce 7.25 million tonne of cement annually.
Around Rs.800 crore would go towards increasing tyre capacity of its Balasore unit, while the remaining Rs.450 crore will be spent on other plants. Kesoram is engaged in manufacturing tyres, tubes, flaps, cement, viscose filament and rayon yarn.
The funding will be through a mix of internal accruals and debt in the ratio of 1:3.
Earlier in the day, the 88-year-old Birla told shareholders at the 90th annual general meeting of the company that after his retirement, his grandson Kumar Mangalam Birla would take charge of Kesoram.
He said though most B.K. Birla group companies would go to Kumar Mangalam, “three to four companies” would be given to daughters Manjushree Khaitan and Jayashree Mohta.
“I have made a final will a month ago and it was approved by everyone in the family.”
He, however, refused to give any further details about the succession plans.
- 'Kumar Mangalam will take charge of Kesoram when required' - Jul 05, 2011
- BK Birla to continue as chairman of the group - Jul 01, 2010
- Kumar Mangalam to head Kesoram after B.K. Birla - Jun 26, 2009
- Kesoram Industries posts net profit of Rs.36.83 crore - Jan 28, 2010
- Kesoram Industries to invest Rs.1,125 crore - Jul 01, 2010
- BK Birla for Mangalam Timber, Mangalam Cement merger - Jul 01, 2010
- Birla to raise promoters' stake in group firms - Jun 27, 2009
- B.K. Birla to continue as Kesoram chairman - Jun 26, 2008
- Kesoram posts Rs.26 crore profit in Q4 - Apr 28, 2010
- Kumar Mangalam Birla has no plans to join Kesoram board - Feb 18, 2010
- Birla Corp eyes 3 percent rise in cement sales - Oct 24, 2011
- Birla Corp plans Rs.1,025 crore capacity expansion investment - Jun 27, 2011
- Indorama to invest Rs.1,000 crore in Himachal project - Apr 03, 2012
- Birla Corp to set up cement plant in Assam - Jan 13, 2011
- Andhra allots 1,000 acres for Prism Cement plant - Oct 29, 2011
Tags: 15 months, accruals, annual general meeting, augmentation, birla group, cement plant, company chairman, crore, filament, group companies, jayashree, kesoram industries, khaitan, mangalam, rayon yarn, rs 800, shareholders, tonne, tyre, vasavadatta cement