Hyderabad's Sagar Cements and France based Vicat Group are expected to achieve financial closure for their Rs 2,500 crore JV cement plant in Gulbarga, Karnataka soon. Out of the Rs 1,650 crore investment in Phase I, Rs 1,000 crore will be debt and Rs 650 crore equity.
Sagar and Vicat will have 49:51 per cent stake in the proposed plant which is to have a capacity of 5.5 million tpa.
The company has completed acquisition of 1,600 acre for Phase I of the project in Gulbarga, Karnataka, and are awaiting registration approvals from the state government for another 1,200 acre to be used for Phase II.
The JV partners expect to commence operation of Phase I in September 2011 while Phase II is likely to be operational by 2014.
Source : ProjectsToday
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