Binani Cement mulls floating international subsidiary
Binani Cement on Monday said it is planning to float an international subsidiary to bring its all overseas assets and operations under one umbrella.
By PTI |
MUMBAI: Binani Cement on Monday said it is planning to float an international subsidiary to bring its all overseas assets and operations, including two proposed grinding units in Africa and a coal mine in Indonesia, under one umbrella.
"We are working on to float an international subsidiary. This will perhaps take one year time from now to materialise," company's Managing Director Vinod Juneja said here.
Asked whether the proposed subsidiary would be listed in international markets, Juneja declined to comment, saying, "It is too premature".
Binani Cement has operations in China and Dubai with a combined cement manufacturing capacity of 2.3 million tonnes. The company plans to increase the cumulative capacity to 4.75 million tonnes by June next year with an investment of $175 million.
Juneja said Binani Cement is close to acquiring a coal mine in Indonesia for around $100 million which would help
the company to have 60-70 per cent coal linkages from nil now.
Juneja said Binani Cement plans to set up two grinding units of one million tonne per annum capacity each entailing an investment of $200 million in Africa.
"One of them will come up in South Africa and the other either in Mauritius or in Madagascar," he said.
"We are working on to float an international subsidiary. This will perhaps take one year time from now to materialise," company's Managing Director Vinod Juneja said here.
Asked whether the proposed subsidiary would be listed in international markets, Juneja declined to comment, saying, "It is too premature".
Binani Cement has operations in China and Dubai with a combined cement manufacturing capacity of 2.3 million tonnes. The company plans to increase the cumulative capacity to 4.75 million tonnes by June next year with an investment of $175 million.
Juneja said Binani Cement is close to acquiring a coal mine in Indonesia for around $100 million which would help
the company to have 60-70 per cent coal linkages from nil now.
ADVERTISEMENT
"The coal mine should be under our fold in the current quarter itself," he said adding that the company spends around Rs 500 crore on coal and fuels now. Juneja said Binani Cement plans to set up two grinding units of one million tonne per annum capacity each entailing an investment of $200 million in Africa.
"One of them will come up in South Africa and the other either in Mauritius or in Madagascar," he said.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
