JSW Cement, part of the $11 billion JSW Group, has dismissed reports of acquisition of Odisha-based Shiva Cement, saying there was "no true element" in it.
"We have nothing on the Shiva deal. There is no true element," JSW Cement Ltd Director and CEO, Anil Kumar Pillai told reporters.
He was replying to a query on reports that JSW Cement was negotiating a buyout of Shiva Cement.
Talking about the company’s future plans after unveiling the Heavy Duty Concreel HD Cement, he said JSW is in the process of expanding plant capacities in its various units from 6.80 million metric tonnes to 17 million metric tonnes by 2018 with investments of Rs 2,500 crore.
"Right now, there is expansion of our factory units for 17 million from the current 7 million metric tonnes," the CEO said.
"We are adding 2.40 million tonnes at Vijayanagara facility in Karnataka. Then we are adding 2.40 million metric tonnes in Salboni, West Bengal. (There will be) another 1.20 million tonne expansion in our units near Mumbai and Odisha and also in Mangalore," Pillai said.
The capacity expansion will entail an investment of Rs 2,500 crore. "Basically, these are grinding units. We will be importing the clinkers. The investment (of Rs 2,500 crore) will be a mix of equity and debt," he said.
Pillai also said that by 2018, the company, a dominant player in south India, would have total capacity of 17 million metric tonnes.
Asked if the company planned to be a pan-India player in the backdrop of rapid expansion, he said, "We want to become a south- and east-centric player. With expansion, we will be serving parts of the west. If there is opportunity, we will enter the northern market."
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