Nuvoco Vistas to pump in Rs 1,950 cr as part of expansion plans

On Thursday, Nuvoco Vistas Corporation, a cement maker announced an investment being a part of their expansion plans worth Rs 1,950 crore, including Rs 1,500 to set up a new project in Gulbarga, located in the state of Maharashtra. In a statement the company said, this new facility to assist the expansion of the company in the Western and Central India markets. In a statement, the company said that this new facility will help them in expanding their footprints in the markets in the Western as well as Central India. Additionally, Nuvoco Vistas plans to invest Rs 400 crore in the debottlenecking and up-gradation of their existing plants as well as Rs 50 crore for setting up alternate fuel material handling facilities. Their growth strategy includes expansion of their clinker capacity of 6,000 tonne per day at Gulbarga in Phase-I along with a higher capacity architecture. The project’s Phase-I capital expenditure (capex) is approximately Rs 1,500 crore. The company said that the expansion project’s ground-breaking is set in FY23. They further added that they already have an operational limestone mine at the site. Chairman Hiren Patel said their recent Budget re-emphasised the country’s growth story having a focus on infrastructure as a key enabler. Projects such as Gati Shakti to provide the required power, efficiency, and speed to the mega infrastructure projects to be launched in India on the way to economic success. Image Source Also read: Cement firms to pump Rs 1,700 cr for waste heat recovery system