AHMEDABAD: The diversified Surya Group on Saturday said it will set up a five-million tonne cement project in Kutch district of Gujarat at an investment of Rs. 4,000 crore. “We shall be setting up our first cement plant in Kutch under the brand name Surya Global Cement, for which the project report is currently being prepared,” Surya Group Chairman Jaiprakash Agarwal told reporters here.
“We expect to commission the project by the end of 2012,” he said. “The group plans to come out with an initial public offer sometime in 2012 to fund this project,” Mr. Agarwal said. “The group will ink a memorandum of understanding with the State Government for setting up this plant,” he said. — PTI