JSW Subsidiary Shiva Cement to Invest In New Odisha Unit
Odisha-based Shiva Cement Ltd, a subsidiary of JSW Cement Ltd, has announced plans to invest over ?1,500 crore in a new 1.36 million tonne per annum (mtpa) clinker unit project in Sundergarh district of the state. While ?1150 crore of the capital expenditure will be funded via debt, JSW will invest ?150 crore through redeemable preference shares and the remaining through a rights issue. The clinker unit is expected to be commissioned by the end of next fiscal. For Shiva Cement, this project includes setting up of a 1 mtpa grinding unit, 8 Shiva Cement has already received some of the regulatory and statutory approvals and is on track to obtain other necessary clearances. Once commissioned, this clinker unit will service JSW Cement’s manufacturing facilities across the eastern region, making Shiva Cement a strategic hub for JSW Cement’s operations in that part of the country. JSW owns 59% stake in Shiva Cement. For JSW Cement, the new clinker unit being established by Shiva Cement is part of its strategic roadmap to achieve 25 mtpa capacity by 2025. Shiva Cement’s clinker project contracts have been awarded to Thyssenkrupp Industries India and Larsen & Toubro. Thyssenkrupp has been contracted to design and supply a new state of the art 4,000 tonnes per day capacity clinkerization unit and Larsen & Toubro has been awarded the contract for Civil, Mechanical & Refractory erection work of the new clinker unit at Shiva Cement.
Tags : ALLIED JSW Cement Odisha Shiva Cement Regulatory Project Contract