Shree Cement enters ready-mix concrete segment
Managing Director Neeraj Akhoury said the venture into the RMC segment marks Shree Cement's entry into a new line of business
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New Delhi: Shree Cement, one of the top three players in the segment, on Friday announced entry into the ready mix concrete (RMC) segment with the commissioning of its first greenfield in Hyderabad.
The new RMC plant has a capacity of 90 cubic metres per hour and would help the Bangur family-promoted firm to emerge as a multi-product player in the cement business, as per a company statement.
"As part of this strategy, Shree Cements had acquired five operational plants of StarCrete LLP in Mumbai earlier this month for a consideration of Rs 33.5 crore. The company's combined RMC capacity now stands at 512 cubic metres per hour," it said.
Shree Cement Managing Director Neeraj Akhoury said the venture into the RMC segment marks Shree Cement's entry into a new line of business. "We recognise the vast potential of RMC business, which is being driven by India's growth momentum, the concerted efforts of both central and state governments to advance infrastructure projects and an uptick in the housing sector," he said, adding, "We are committed to aggressively expand our presence in the market by building new units as well as acquiring plants."
Shree Cement, which operates under the brand name Bangur, has an installed capacity of 46.9 million tonnes per annum in India. "In order to maintain our industry leading performance benchmarks, we are ramping up our capacity utilisation, enhancing our brand equity, raising cost efficiency and further stepping up our R&D efforts," said Akhoury.
