Rungta Mines plans Rs 600-cr cement unit in Orissa

August 20, 2009: Iron ore mining firm Rungta Mines (RML), the flagship company of SR Rungta group, plans to set up a 1-million-ton cement plant in Orissa with an investment of around Rs 600 crore, a top company executive said.

The move, proposed to be funded through a mix of debt and internal accruals, would diversify the business of the group beyond mining and steel production.

"The cement project is currently in the evaluation stage and, if finalised, will be established in Orissa," said Siddharth Rungta, president of privately-held Rungta Mines. He added in the short term, the company would continue to focus on mining and steel business.

RML is in talks with the state government for allocation of limestone reserves to execute the cement project. Limestone is a key input in cement and every tonne of cement making requires 1.5 tons of the raw material.

Source: The Economic Times