US $ 75-100mn cement venture on track

28 May 2013 06:37 am - 0 - {{hitsCtrl.values.hits}}

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Binod Chaudhary-controlled Cinnovation Group has already obtained the preliminary approvals from the Board of Investment (BoI) of Sri Lanka and licence to carry out tests from the Geological Survey and Mines Bureau (GSMB) for the US $ 75-100 million cement factory the group is planning to set up in Sri Lanka’s northern peninsular.

“We are currently looking for land and we’ve been working on this project for about an year,” Chaudhary said.

The capacity of the proposed plant is 600,000 tons per annum and it will commence operations 30 months from the time all the necessary approvals granted.

“It’s not easy to find land in Jaffna to set up a plant of this magnitude. The factory itself will require about 50 to 75 acres. We are currently negotiating with landowners to buy land for the manufacturing facility,” a Cinnovation official said.

He also said that land containing limestone for the production of cement and clinker will be leased out from residents from the Jaffna Peninsular.

Chaudhary operates cement manufacturing plants in Nepal and believes that the country will be self-sufficient in cement in about two years’ time.

Meanwhile, Cinnovation Group, which also has a substantial presence in the world’s FMCG market - particularly though its Wai Wai instant noodle brand - and financial services, is exploring opportunities in Sri Lanka to further strengthen its foothold, where Chaudhary calls his ‘second home’.

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US $ 75-100mn cement venture on track

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