The France-based cement manufacturing major Vicat Group entered into Memorandum of Understanding (MoU) with Andhra Pradesh Economic Development Board (APEDB), the nodal agency for attracting investments into the State, to set up a green field cement grinding unit in Vizianagaram area of the state entailing an investment of Rs.510 crore. The agreement was inked at the Indo-French Economic Partnership event held in New Delhi recently. The Vicat group started operations in India in 2008 with an Indian partner in the name of VICAT Sagar cement Pvt. Ltd in 2014 and after that it became 100 per cent owned subsidiary of Vicat and has been renamed as Kalburgi Cement Pvt. Ltd and has an operating plant of 2.75 MTPA at Kalaburagi district of Karnataka. The group wants to invest about Rs.1,735 crore in India, CEO, Kalburgi Cements, Anoop Kumar Saxena, said that the proposed investment will not only complement the economic development agenda of the state but also boost the growth along with job generation avenues thereby lifting the socio economic environs in the surrounding rural heartland of the state.
📅Published on:
12 March 2018
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