India Cements (ICL) plans to raise funds for expansion and to set up captive
power plants.
Indo-Zinc (IZL), which was recently acquired by ICL, has tied up a Rs 300
crore credit from Yes Bank. The funds are to be used for IZL's 1.5 million tonne
greenfield plant being set up at Banswara in Rajasthan, at an investment of Rs
600 crore. The balance Rs 300 crore will come from ICL by way of equity and
subordinated debt. The project includes a 20 MW captive power plant.
The company also plans to raise Rs 300 crore to part finance two captive
power plants of 50 MW each. It has awarded EPC contract to ThyssenKrupp for the
plant at Shankarnagar in Tirunelveli district of Tamil Nadu while it is in the
process of selecting a contractor for the other project in Andhra Pradesh.
Also See:
Indo
Zinc to set up India Cements' Rajasthan plant (23-Jul-09)