Ambuja Cements to invest $1.5 billion to lift capacity to 155 MTPA by fiscal 2030 (updated)
UPDATE 1-Ambuja Cements to invest $1.5 billion to lift capacity to 155 MTPA by fiscal 2030 Adds details from paragraph 2 onwards
Nov 2 (Reuters) - India's Ambuja Cements ABUJ.NS said on Monday it would invest 145 billion rupees ($1.53 billion) to increase its cement capacity to 155 million metric tons per annum by fiscal 2030.
India's cement makers have been expanding capacity in recent years to meet expected growth in infrastructure and housing demand, with companies investing in new plants and grinding units to strengthen their presence across key regional markets.
Ambuja, which currently has cement capacity of 113.5 million tons per annum (MTPA), said it expects capacity to reach 119 MTPA by March 2027.
The expansion includes new capacity across Assam, Bihar, Jharkhand, Gujarat, Maharashtra and Uttar Pradesh, and aims to strengthen the company's manufacturing footprint across eastern, western and northern India.
The expansion plan comes days after Ambuja reported a 34.7% fall in quarterly net profit, hurt by higher fuel and freight costs.
($1 = 94.8550 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi Aich)
((Kashish.Tandon@thomsonreuters.com; 8800437922;))
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