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| Lodha: New plan |
Calcutta, Oct. 27: Birla Corporation will sign an agreement with the Assam government to set up a cement unit in the state.
The company has been shortlisted by the state for a one-million-tonne clinker and grinding unit and a power plant, Harsh Vardhan Lodha, newly elected chairman of Birla Corporation, said today. The plant will cost about Rs 500 crore.
Lodha was speaking to reporters after the company’s annual general meeting, which went off smoothly compared with the past few years when the Birla-Lodha legal tussle broke out.
The unit will be built in North Kachhar district using local limestone. It will import coal from Meghalaya.
The new investment is over and above the Rs 2,350 crore Birla Corp will spend in the next four years to crank up its capacity to 11 million tonnes in Madhya Pradesh and Rajasthan. The plan includes a 3-million-tonne unit at Satna in Madhya Pradesh which is yet to get environment clearance.
Overseas gambit
Harsh Lodha is considering foreign acquisitions in emerging markets. “There are some offers. We are looking at them. But nothing to talk about now,” he said.
Jute profit
Birla Corp’s jute division returned to profit in the last quarter after 15 years.
The company plans to shut down Sura Jute Mill in Calcutta and move the machinery to the mill in Birlapur in South 24 Parganas.
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