The Board of Directors at its meeting held today have approved the setting up of a 3.5 mtpa integrated cement plant at Pali, Rajasthan, at an investment of around Rs. 1,850 crores. Commercial production from the plant is expected to commence by June, 2020.
This plant is being set up in one of the fastest growing markets in the country and the highest cement consuming State in the North Zone. It will cater to the markets in western Rajasthan where UltraTech does not have a significant presence.
With this expansion UltraTech will have a foot print across the country with 50 plant locations, alongwith 103 ready mix concrete plants, committed to supporting the growth of the nation.
Increase in FII Investment limit
The Board also approved a proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 30% of the paid-up equity share capital upto 40% of the paid-up equity share capital of the Company. This is subject to the approval of the shareholders and other statutory approvals. The increase will make available more space for the RFPIs to invest in the equity share capital of the Company.