Plans to invest Rs. 400 crore from internal accruals
My Home Industries Ltd., a south Indian cement major, is investing Rs.400 crore to augment capacity of its state-of-the-art new plant at Vizag, Andhra Pradesh, and for acquiring new units.
“We are embarking on an ambitious target of 10-million tonne capacity in three years from the present 4.7 million tonnes. We are considering various options, including acquisitions” says Group Chairman and Managing Director Rameswar Rao Jupally. Mr. Jupally outlined expansion plans while addressing a function organised by the company here recently.
My Home Industries is the joint venture between My Home Group and Irish building material major CRH plc. The group has interests in construction, cement, power, logistics and education. My Home at present has four manufacturing units in Andhra Pradesh — three at Mellacheruvu and one at Vizag. The Vizag plant has an installed capacity of 1.5 million tonnes annually which will be augmented by one million tonne, taking the total to 2.5 million tonnes while the capacity of Mellacheruvu units will be expanded to four million tonnes annually.
The company is selling cement under ‘Maha Gold' and ‘Maha Shakthi' brands.
R. P. Singh, Senior Vice-President says the company is poised for rapid expansion in the eastern markets. It has also taken up a project to set up 60 MW captive power plant at Mellacheruvu (near Hyderabad) and two rail links for transporting raw materials and cement.
The outlay on all the expansion projects, including acquisitions, would be met with internal accruals.