PATNA, Dec 20: JK Lakshmi Cement, part of the JK Organisation, will invest Rs 500 crore in Bihar to set up a manufacturing plant at Madhubani district, said its President and Director Arun Shukla on Friday.
The Bharat Hari Singhania family-promoted Rs 6,000 crore firm has signed a Memorandum of Understanding (MoU) with the state government for its proposed manufacturing unit.
“We are setting up a cement plant at Madhubani district in Bihar with an investment of Rs 500 crore,” J K Lakshmi Cement President and Director Arun Shukla told PTI on the sidelines of Bihar Business Connect 2024 Summit here.
He said the company had signed an MoU with the Bihar government for this Rs 500 crore investment last year only.
Shukla said the company has already acquired land and is obtaining other approvals to set up this plant.
“We want to cater to local demand from this plant at Madhubani in Bihar,” he said.
He complimented the Bihar government for fulfilling all the promises that it made including fiscal incentives.
J K Lakshmi Cement currently has 18 million tonnes of annual capacity.
“We have set a target to reach 30 million tonnes by 2030,” he said.
The 12 million additional capacity expansions across various geographies are on track, Shukla said.
Bharat Hari Singhania-led JK Organisation has overseas manufacturing operations in Mexico, Indonesia, Romania, Belgium, Portugal and UAE. It owns companies such as JK Tyre, JK Paper, JK Fenner and Umang Dairies besides JK Lakshmi Cement.
Leading cement companies are investing in Bihar, following announcements of big-ticket projects for the state in the latest Union Budget 2024-25.
The Modi government unveiled big-ticket projects for Bihar, proposing a total outlay of over Rs 60,000 crore for various projects.
These include funding for three expressways, a power plant, heritage corridors and new airports and sports infrastructure.
Finance Minister Nirmala Sitharaman had also announced Centre’s support for the development of three Expressway projects — Patna-Purnea, Buxar-Bhagalpur, and Bodhgaya, Rajgir, Vaishali and Darbhanga, and an additional two-lane bridge over river Ganga at Buxar.
These four projects will have a total cost of Rs 26,000 crore. (PTI)
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