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Vertex Cements to set up new unit

Monday, 03 Feb 2014
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Vertex Cements plans to set up a cement unit at Gangavaram, Gurazala tehsil in Guntur district of Andhra Pradesh.

 

A spokesperson for the company informed ProjectsToday (PT) that it intended to set up a cement unit with a capacity of 2.64 million tpa in Andhra Pradesh. The project also includes setting up a 25 MW coal-based power unit and a 10 MW waste heat recovery-based power plant. For the purpose, Vertex Cements received the prospecting licence from the state government for mining purposes.

 

The project entails an investment of Rs 1,500 crore. Vertex Cements will finance the project through bank loan and internal accruals in the ratio of 2:1. The company is in the process of achieving financial closure for the project.

 

Further, the company will soon achieve environmental clearance for the project, and land acquisition of 500 acre is underway.

 

At present, work on the project is in the planning stage and civil work is expected to commence in 2015.

 

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