New Delhi:
JSW Cement on Thursday said it will invest nearly $150 million to set up a one-mtpa (million tonne per annum) clinker plant in Fujairah, UAE, which is expected to be ready by December 2019.
The facility is part of the company’s plan to achieve 20 mtpa capacity by 2020. The investment will be made through JSW Cement’s wholly-owned subsidiary JSW Cement FZE, it said in a statement.
The company said its Fujairah plant will service its manufacturing units in coastal India and is expected to create 400-500 direct and indirect job opportunities.
It is also setting up a captive power plant to service the energy requirements of the clinker unit.
“Through this investment we hope to contribute to the overall economic development of Fujairah as well as create new direct and indirect job opportunities,” Parth Jindal, managing director, JSW Cement, was quoted as saying in the release.
He expects the new facility to provide a strategic advantage to the company’s leadership position in the country as a leading producer of green cement.
“We expect to commission the clinker unit by December 2019,” said Jindal.
Crown Prince of Fujairah Sheikh Mohamed Bin Hamad Al Sharqi said the attractive environment, laws, regulations and the developed business infrastructure for transportations and logistic facilities have contributed in launching different investment projects in Fujairah.
JSW Cement said all business initiatives are driven to achieve the targeted financial, production and sales growth position and list the company publicly in the next few years.
“Backed by a strong distribution and manufacturing network, JSW Cement is currently well-equipped to service key markets across south, east and west India,” it added.
