Siam Cement Group completes land acquisition for joint venture project

The property acquisition for Bigbloc Construction's joint venture with Siam Cement Group, a manufacturer of aerated autoclaved concrete (AAC) blocks, bricks, and panels, is now complete (SCG). At Kapadvanj, Kheda district near Ahmedabad, Gujarat, the company has purchased property to build a factory for 3 lakh cubic metre of autoclaved lightweight concrete (ALC) panels and AAC blocks annually. In the year 2023, the plant is anticipated to begin commercial production. Gujarat has been chosen for the first foreign direct investment (FDI) from Siam Cement Group into India via the joint venture between SCG and Bigbloc. SCG International Corporation, a global supply chain corporation with operations in 20 countries and a member of SCG Group, an ASEAN corporate conglomerate with assets exceeding $ 27 billion, would own 48% of the joint venture while Bigbloc Construction will own the remaining 52%. Rs 650 million are thought to have been invested overall in the project. SCG has established its first joint venture in India with this one. Additionally, the joint venture seeks to encourage mutual growth and cooperation in the construction industry, exchange technological and commercial information, and provide modern building materials to Indian markets. It intends to put up a 3 lakh cbm per year factory for AAC blocks and ALC panels in the first phase. Also read: Cement firms contemplating Rs 10-Rs 15 per bag hike JK Cement begins commercial production at Panna