Binani Cement on expansion spree; to pump $125 million in its Chinese Subsidiary

Binani Cement on expansion spree; to pump $125 million in its Chinese SubsidiaryKolkata-based Braj Binani Group cement manufacturer, Binani Cement Ltd (BCL) on Wednesday revealed its plans to invest $125-million for expansion of its cement manufacturing capacity at its Chinese subsidiary christened 'Shandong Binani Rong'An Cement Co Ltd'.

The company informed that it has undertaken expansion of cement manufacturing capacity from 0.50-million MT to 3-million MT at an estimated project cost of $125-million (Rs 600-crore) at its Chinese subsidiary.

A company official, who is close to ongoing project, has informed that the land acquisition and project design and engineering works are in progress and the plant is expected to go into production by Q1 FY 11.

Apart from latest development, the company has also taken up expansion of its grinding unit 'Binani Cement Factory LLC, UAE' from 1.2-million MT to 2- million.

In addition, Binani Cement is also setting up its first cement unit in Mauritius, for which it already received all clearances from the local authorities.

Ahead of weak market, the scrip of the company today settled the day at Rs 57, down 2% compared to its previous close.