Dalmia Cement Bharat Ltd to invest INR 758 crores in Jharkhand

Dalmia Cement (Bharat) Limited, a leading Indian cement major and a subsidiary of Dalmia Bharat Limited, today signed three Memorandum of Understandings with the Government of Jharkhand to invest INR 758 crores in the state.

Dalmia Cement will invest Rs 500 crores in its manufacturing unit at Jharkhand Industrial Area Development Authority Bokaro. In addition to expanding its existing capacity of 3.7Mnt through debottlenecking, the company plans to set up a new grinding unit, taking the overall cement manufacturing capacity at Bokaro to 6.3 MTPA.

In line with its commitment to curb carbon emissions, the company has signed a pact with the Govt of Jharkhand to set up a solar power plant to provide clean energy to the state. The company will further invest Rs 250 crore for establishing the solar power plant. Besides this, another MoU was signed for solid waste management wherein the company will invest Rs 8 crore for setting up Material Recover Facility and Legacy waste-Bio Mining activity for solid waste management under Ranchi Municipal Corporation.

The three MoUs were signed in the presence of the Honorable Chief Minister of Jharkhand, Shri Hemant Soren, during the two-day Investor Meet organized by the state's Department of Industry. These investments signify Dalmia Bharat's commitment towards nation-building along with creating hundreds of direct and indirect job opportunities in the region.

It is noteworthy to mention that in addition to these investments, Dalmia Cement (Bharat) Limited will continue to make considerable investments to increase its Corporate Social Responsibility (CSR) initiatives in the region for the social upliftment of the people.

Speaking on signing the MoUs, Mr. Mahendra Singhi, MD & CEO, Dalmia Cement (Bharat) Ltd. said, "We are grateful to the Government of Jharkhand and the people of Bokaro for their wholehearted support in letting us play an active role in not just industrial, but holistic development of the region. At Dalmia Cement, we are committed to contributing to India's growth story in terms of aiding the creation of world-class infrastructure, generating clean energy, and making India Atmanirbhar. We see an uptick in Indian cement demand which is being driven by the increasing Government spending on infrastructure and also the housing segment. With the eventual commissioning of this new Unit in the region, we would come to a step closer to our plan of increasing our cement capacity from 30.75 million tonnes in FY21 to 48.5 million tonnes by FY24."

"Having one of the lowest carbon footprints in cement sector globally, we are committed to safeguarding the environment and will be taking all necessary precautions & actions to further reduce our carbon footprint in the process" added Mr. Singhi.

Earlier this month, Dalmia Bharat Limited had unveiled a long-term plan to grow its cement capacity in the country. It plans to raise its cement manufacturing capacity to 110-130 million tonnes per annum by 2031, which would be done through a mix of organic & inorganic opportunities with an inclination towards the more planned & cost-effective organic route. The company will expand into new regions of operations while consolidating its position in its existing markets.

Shares of DALMIA BHARAT LIMITED was last trading in BSE at Rs. 2023 as compared to the previous close of Rs. 2042.4. The total number of shares traded during the day was 4700 in over 888 trades.

The stock hit an intraday high of Rs. 2200 and intraday low of 2012.9. The net turnover during the day was Rs. 9550276.

Source : Equity Bulls

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