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Burnpur Cement shares hit upper circuit on diversification plans
<http://theautochannel.com/news/2008/01/30/076249.html>
Burnpur Cement shares were in the limelight Thursday on reports of
the company's plans to diversify and foray into steel manufacturing and has
chalked out a plan to invest more than Rs 20,000 crore.
At 12:30 pm, the company's shares were locked at 20 per cent upper circuit
at Rs 35.15.
According to the report, Burnpur Cement has also formed a separate company
in the name of Burnpur Ispat for its new steel business and within a month
or two Burnpur Ispat will be applying for the iron ore mines to the
Jharkhand government.
Along with its diversification in steel, the company is also planning to
foray in to power and real estate. To part finance its expansion in steel,
the company is also considering the option to come out with an IPO.
Burnpur Cement is at present setting up a million tonne cement plant at
Patratu in Jharkhand with an eye on the 8-9 per cent demand growth. The
plant, to be set up in two phases, will involve a total investment of Rs 500
crore.
7 Feb, 2008, 1236 hrs IST, INDIATIMES NEWS NETWORK
economictimes.indiatimes.com/articleshow/msid-2763691,prtpage-1.cms
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