IFC to provide loan to UltraTech Cement

The International Finance Corporation (IFC) has been requested to provide a US$100 million loan to India’s UltraTech Cement. The loan will help to fund the expansion of the Chhattisgarh cement plant’s clinker production capacity. The project is estimated to cost US$297 million in total.

The project forms part of the cement manufacturer’s plans to expand its capacity in eastern India, with a new clinker plant also underway in Karnataka. Both are due to become operational in FY14. This will increase UltraTech Cement’s capacity by 9.2 million tpa, bringing its total to 62 million tpa.

Adapted from press release by Louise Fordham.

Read the article online at: https://www.worldcement.com/asia-pacific-rim/04022013/cement_india_ultratech_cement_ifc_investment_clinker_expansion_26/