Monnet Ispat & Energy (MIEL) will set up cement plants in Chhattisgarh and Gujarat with an investment of about Rs 2,400 crore, as it embarks on an expansion and diversification drive.
Work on the two plants will begin in the October – December quarter under a new division of the company to be christened Monnet Cement. The project is excepted to become operational in three years. The metals-to-energy conglomerate will initially set up a 3-million tonne cement plant in Chhattisgarh close to its existing sponge iron and steel melting facilities in Raipur with a total investment of Rs 1,400 crore.
The facility will use limestone from 220-million tonne mine that has been allotted to the company by the state government. Besides, ash and slag generated from its existing and upcoming units in the state will also used as basic feed for the cement plant. The company proposes to carve its cement division into a subsidiary at a later stage when other projects are also finalised, the executive said.
MIEL executive vice chairman and managing director Sandeep Jajodia said the company is looking at various options to expand. MIEL also plans to set up a 2-million tonne cement plant in Gujarat with an investment of close to Rs 1,000 crore.
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