Surya Group is planning to construct a 5 million tpa cement plant in Gujarat, India. The project will require an investment of Rs. 4000 crore; the group intends to sign a memorandum of understanding with the state government at the Vibrant Gujarat Global Investors’ Summit 2011.
Jaiprakash Agarwal, Chairman of the Surya Group, had the following to say on the investment, ‘We have already written a request letter to the Gujarat government for setting up of a 5 million metric tonne cement plant in Kutch district. We may also be signing an MoU in this regard in the upcoming investors' summit. The plant is likely to commence production within two years from approval from the state government and will envisage an investment of Rs. 4000, part of which will be raised through public issue of our subsidiary company, apart from bank loans.’
Once the project has been completed, the group is expecting an increase in exports, which currently amount to around Rs. 400 crore. Agarwal went on to comment, ‘The group exports its products including lighting systems as well as pipes to around 40 countries, including Middle East, Canada and Germany.’