*MUMBAI : *India’s leading ready-mixed concrete maker, ACC Ltd (BOM:500410) today announced that the company will be setting up a mega cement project with an annual capacity of 3 million tonnes at an estimated investment of Rs.1500 crore.
The company has signed a memorandum of understanding (MoU) with the Government of Maharashtra in this regard. Commenting on the mega cement plant, Ramit Budhraja, Chief Executive (South West), ACC Ltd said, “The project is expected to contribute significantly in servicing the growing market and strengthen our presence in the region.” The chief minister of Mnaharashtra, Ashok Chavan and the State industries minister, Sachin Ahirji remained present at the MoU signing event on Monday. Azeez Khan, Principal Secretary (Industries) maintained that the company is establishing this unit in the backward area of the State and thereby supporting the objective of the government of achieving balanced growth. The project is expected to be completed in the third quarter of 2010. The chief minister Ashok Chavan said in his address during the occasion, “I am extremely happy that the State is taking a positive step in establishing its long-term relationship with ACC LTd to bring this core project in the D zone area. sIt is one more step in the development of Maharashtra through the establishment of a Mega Project in a backward area.” The Company manufactures a range of portland cement for general construction and special applications. In addition, ACC also offers two products namely, bulk cement and ready mix concrete. The company stocks closed at Rs.817 down by 1.20% on Monday, May 31, 2010. Meanwhile, the benchmark index, Sensex ended the day at 16,944.63 points marginally up by 0.48% from its Friday’s closing. -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
