Shree Cement seals deal with StarCrete for 5 RMC plants

Shree Cement announced the signing of an asset purchase agreement with StarCrete LLP to acquire five operational RMC plants for Rs 330.50 million. It was stated by the company that with this asset purchase, its entry into the RMC (ready mix concrete) business was declared. According to the company, the strategic location of the RMC plants would enable entry into key construction projects in the Mumbai metropolitan region (MMR) and contribute to the growth of the company's RMC business. The company stated that it was actively working on establishing greenfield RMC plants at various locations and aimed to establish its greenfield presence in the RMC business by the end of March 2024. Speaking on the occasion, Shree Cement MD Neeraj Akhoury mentioned that a strategic foray into the RMC segment was a step forward in their vision to become a multi-product company centred around the core cement business. Additionally, it was added that RMC presented an exciting opportunity as the segment was expected to witness healthy growth in the future, driven by government initiatives for large infrastructure projects and a surge in housing construction.