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RELIANCE SIGNS MOU WITH STATE FOR CEMENT PLANT

relaince-1The Reliance Anil Dhirubhai Ambani Group (ADAG) has ventured into the cement business by announcing its plans to set up a five-million ton incorporated plant and a grinding unit in Maharashtra with an investment of Rs 22.5 billion. Reliance Cementation, a part of the Ambani group, on Friday inked a memorandum of understanding (MoU) with the Maharashtra government. The cement unit will come up in Yavatmal district, while the grinding plant will be set up in Nagur district. The MoU was signed nearly a year after the Ambani group made its intention to enter into the cement business. The group also has hired Anil Singhvi, former managing director of Ambuja Cements, to spearhead its cement business. According to the government estimates, infrastructure projects worth nearly Rs 460 billion, many of which were held up for last few months, are expected to be awarded in the coming months. With cameraperson Ranjeet Gupta, Dheeraj Mishra for NMTV news.

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