Chennai based India Cements is likely to route its proposed investments in
Rajasthan through Indo Zinc, its recently acquired subsidiary wherein it owns 53
per cent stake. India Cements had acquired Indo Zinc through its wholly owned
subsidiary ICF Financial Services.
Now, the company's proposed 1.5 million tpa cement plant with a 20 MW captive
power plant in Rajasthan will be set up by Indo Zinc, which owns limestone
mining leases.
India Cements intends to invest Rs 300 crore as equity and subordinated debt
in Indo Zinc and guarantee the balance Rs 300 crore debt to be raised by Indo
Zinc for the project. The Rajasthan plant is likely to go on stream by June
2010. The proposed plant will cater to the markets in Rajasthan, Madhya Pradesh
and Gujarat.
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