RELIANCE Infrastructure (R-Infra) has acquired a 51% stake in Reliance Cementation from another group firm Reliance Natural Resources. Consequently, Reliance Cementation, the newly created company of the diversified Anil Ambani group for foray into the cement business, has become a subsidiary of the Reliance Infrastructure that runs power generation, distribution and transmission business.
Addressing the shareholders at R-Infra’s annual general meeting, group chairman Anil Ambani said:” We have plans to set up cement capacity of 20 million tonnes per annum with an investment of nearly Rs 10,000 crore over the next five years. This will make us a top five cement players in the country,” Mr Ambani told shareholders.
Last week, Reliance Cementation signed a MoU with the Maharashtra government to set up a 5-million tonne integrated cement plant in Yavatmal district with a grinding unit at Butibouri in Nagpur district, at an investment outlay of Rs 2,250 crore. This is in addition to the MoUs that it had signed with the Madhya Pradesh and Gujarat government.
According to him, R-Infra had emerged preferred bidder for over Rs 15,000 crore projects. “We are today the largest infrastructure company in India, on ownership of assets basis, having power and infrastructure projects worth Rs 13,500 crore. In addition, there are another Rs 15,000 crore worth of projects where the company is preferred bidder and waiting for a letter of award,” he said.
He said R-Infra was at various stages of bidding for projects worth Rs 9,000 crore in Haryana, Rajasthan and Uttar Pradesh.
Mr Ambani is upbeat on the prospect in the power sector as the country intends to scale up inter-regional transmission capacity by 16,000 mw to 37,000 mw in next three years.
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