UltraTech Cement, the country’s largest maker of the building material, said it would spend ₹12,866 crore on adding 22.6 million tonnes per annum capacity.
The announcement comes just weeks after the Aditya Birla group flagship lost the race to acquire Holcim’s India cement assets to billionaire Gautam Adani. The acquisition is set to make the Adani Group the second-biggest cement maker in the country and the chief rival of UltraTech.
The race to expand capacity comes as the government plans to spend a record ₹7.50 trillion this year to build roads and ports, writes Swaraj Singh Dhanjal.
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