Hi-Bond Cement, a Rajkot-based company, is planning to set up a new cement plant in Rajasthan, at a cost of Rs 1,300 crore.

Of the total project cost, the company will finance 60 per cent through internal accruals and the remaining will be raised from the market. Hi-Bond Cement has approached the Rajasthan government with a proposal. It has already identified seven locations in the state. Further, to manage the fund, the company plans to come up with an Initial Public Offering (IPO) during the project period. It is also open to private equity (PE) investment.

The company is expected to commission this plant in three years. Initially, the project will have a production capacity of three million tpa.

Hi-Bond Cement is already operating a mini-cement plant and markets cement under the brand name of 'Kishan Cement'.

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