Owing to the investment-friendly policies of the Uttar Pradesh government, JK Cement Limited is investing an additional Rs 500 crore in the state to build a unit in Prayagraj over the course of the next 12 months, according to an official statement.
This brings the company's overall investment in the state to Rs 1200 crore as the company is already working on two projects worth 700 crores, according to a UP government press release.
To create a long-term roadmap for the company's expansion in the state, the company's deputy MD and CEO will attend the Uttar Pradesh Global Investors Summit 2023, which will take place from February 10 to 12 at Vrindavan Yojana, Lucknow, it said
Team Yogi travelled to many countries and different states of India seeking investment in the state, and they received positive feedback from investors. The investors are excited to make investments in the state and are looking forward to Uttar Pradesh Global Investors Summit, the statement said.
"We are proud to be a part of this dynamic state that not only offers us a geographic advantage but also gives a plethora of opportunities for investment and expansion. With its favourable business environment, abundant resources, and highly skilled workforce, Uttar Pradesh is undoubtedly an ideal location for our expansion plans, " Deputy MD & CEO of the company, Madhavkrishna Singhania, said.
He said that JK Cement is pleased to announce the setting up of its third clinker grinding unit, with a 2.50 MTPA capacity in the Prayagraj District. The project would cost Rs 500 crore and should be finished in the upcoming year and this has helped JK Cement strengthen its presence in Eastern India.
Recently, the company opened its second facility in Hamirpur (Bundelkhand) for grinding grey cement. A Memorandum of Understanding (MoU) was signed with the Uttar Pradesh government last year in this regard. The Rs 400 crore project has a total production capacity of 2 million tonnes per annum (MTPA).
The first Greenfield Split Cement Grinding Unit was established in Aligarh with a 1.50 MTPA capacity. All three of the greenfield grinding plants, with a combined investment of Rs 1200 crore, will improve the state's economy while also strengthening their position in UP and improving the livelihood of the communities by creating employment opportunities.
Additionally, an MoU has also been signed with IIT Kanpur to work together on the establishment of a super speciality hospital to be named after Yadupati Singhania, the company's founder MD and former chairman, it said.
As part of its corporate social responsibility (CSR), the company has agreed to support 'Yadupati Singhania Memorial Super Specialty Hospital' in Kanpur with funding of Rs 60 crore. The hospital will be equipped with state-of-the-art facilities that will provide top-notch medical care to all. (ANI)