CHENNAI: Ramco Cements plans capital expenditure (capex) of Rs 1,650 crore for the current fiscal 2023-24 (FY24).
The capex includes capacity expansion projects and purchase of land in Andhra Pradesh and Karnataka.
It has incurred Rs 1,225 crore capex in the first half of the current fiscal and plans to spend another Rs 350 crore in the next two quarters, the company said in an earnings call early this month.
Ramco plans capacity expansion in Kolimigundla thermal power plant, dry mix products in AP and Orissa and a grinding plant in Odisha.
Kolimigundla 18 MW TPP, dry mix products in AP and Orissa will be commissioned during December 2023. Grinding plant expansion from 0.9 MTPA to 1.8 MTPA is expected by January 2024. The capex of about Rs 200 crore to Rs 250 crore, along with normal maintenance of Rs 200 crore, has been estimated for 2024-25 fiscal (FY25).
The capex for FY25 may go up further with the approval of new projects. These projects include the waste heat recovery system in Tamil Nadu plant. Previously it was thought there were no more chances for WHRS in Tamil Nadu units but now it has been founded, the company said.