Naveen Jindal group to invest Rs 2,160 crore to scale up cement production
The Naveen Jindal group’s Jindal Panther Cement said it will invest Rs 2,160 crore to scale up production capacity to 7 million tonne per annum (mtpa).
The company will set up a cement grinding unit of 1.5 mtpa capacity in Angul, Odisha, setting the stage for further expansion.
The unit will use around 1 mtpa of blast furnace slag from Jindal Steel & Power’s integrated steel plant in Angul. Slag is a by-product in steelmaking and a raw material used in cement manufacturing. The 7 mtpa capacity addition is likely to happen over some four years.
The group has a 1 mtpa cement unit in Raigarh, Chhattisgarh, at the Jindal Steel & Power facility. Cement from the Raigarh unit is sold under the Jindal Panther brand.
The expansion to 7 mtpa – across Angul and Raigarh – would strengthen the group’s presence in the cement industry and provide sustainable construction materials to support growing infrastructure needs in the region, it said in a statement.
The move is in line with the strategy of becoming a “one-stop shop” for homebuilders whereby Panther’s cement and Steel & Power’s rebar would be jointly marketed via a common distribution system under the “Jindal Panther” brand.