India's largest cement company UltraTech Cement will invest Rs 5,477 crore to expand 1.28 million tonnes in its capacity. After this, the total production capacity of the company will exceed 136 million tonnes annually. The board of directors of the company has approved this investment. Under this, the company will do some investment on setting up new plants and expansion of capacity in some existing plants.

Company said in a statement that the total production capacity will increase to 13.62 million tonnes annually from this investment. The company said it was in line with the government's 'Self-reliant India' campaign. The company said that this expansion will be completed in a phased manner in FY 2021-22. Kumar Mangalam Birla, chairman of Aditya Birla Group, said, "The cement industry is growing well after the relaxation in lockdown. This is increasing due to the emphasis on infrastructure, demand from the rural economy.

It will also regain the status of becoming the world's third-largest cement company outside China. The company said the additional capacity would be expanded to rapidly growing markets in the eastern, central and northern regions. According to the statement, the company's expansion strategy includes a capacity expansion of 6.7 million tonnes per annum at plants in UP, Odisha, Bihar and Bengal along with a cement plant in Pali, Rajasthan.

Also Read:

RBI To Make Banks Pay For High Number Of Customer Complaints

Sebi orders freezing of bank, demat a/c of Aspen Industries, 4 others

Nifty, Sensex; Nifty records Fifth Straight Weekly Gain