Financial Daily from THE HINDU group of publications
Thursday, Apr 13, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 13, 2006 |
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Corporate - New Projects ACC lines up Rs 691-cr capex plan Our Bureau
Mumbai , April 12 The Associated Cement Companies Ltd has lined up a capital expenditure plan of Rs 691 crore for fiscal 2006. (The company recently changed its accounting year to a January-December one, after Swiss company Holcim acquired a 34 per cent stake in it). Of this amount, between Rs 350 crore and Rs 400 crore will be spent on expansion and modernisation of Lakheri Cement Works, including a 25-MW captive power plant. The rest of the capex will go towards another 25 MW generator at Kymore Cement Works and expansion of grinding capacities at assorted plants of the company, said ACC officials on the sidelines of the company's AGM here today. The company's plan is to eventually divest itself of subsidiaries ACC Machinery Company Ltd and ACC Nihon Castings Ltd, although it is in no hurry, they said. This is in line with its policy to exit from all its non-core businesses. ACC's recent acquisition of ready mix concrete company Tarmac (India) Pvt Ltd will be soon merged with the company, the board of directors having already decided to recommend its amalgamation. The company is changing its name from The Associated Cement Companies Ltd to ACC Ltd.
More Stories on : Cement | New Projects | Associated Cement Companies Ltd
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