spot_img
HomeNewsShree Cement Dives into RMC Sector; Secures 5 Operational Plants in Mumbai

Shree Cement Dives into RMC Sector; Secures 5 Operational Plants in Mumbai

Shree Cement, one of India’s premier cement producers, has recently announced its venture into the Ready Mix Concrete (RMC) domain. The company finalised an asset purchase agreement with StarCrete LLP, securing operational RMC plants situated within the Mumbai Metropolitan Region (MMR) of Maharashtra.

Shree Cement’s entry into the RMC

These acquired plants boast a collective capacity of 422 cubic metre per hour, with the procurement cost amounting to Rs 33.50 crore. This strategic move marks Shree Cement’s entry into the RMC sector, tapping into the burgeoning construction landscape within the MMR. Neeraj Akhoury, the Managing Director of Shree Cement, emphasised the significance of this foray, stating, “Strategic foray into the RMC segment is a step ahead in our vision to become a multi-product company centred around our core cement business.” He further highlighted the opportune timing, citing the anticipated growth trajectory propelled by government initiatives towards large-scale infrastructure projects and burgeoning housing constructions.

With an eye on expanding its footprint in the RMC sector, Shree Cement is actively engaged in establishing greenfield RMC plants at various locations. By the culmination of March 2024, the company aims to solidify its presence in this domain. This strategic move aligns with Shree Cement’s overarching objective of diversification while leveraging its expertise in delivering high-quality, eco-friendly RMC products to cater to evolving market demands. In its latest financial report, Shree Cement revealed a substantial surge in standalone net profit, soaring to Rs 734.23 crore in Q3 FY24 compared to Rs 276.77 crore in Q3 FY23. Additionally, revenue from operations witnessed a robust growth of 20.44% year-on-year, reaching Rs 4,900.82 crore for the quarter ended on 31 December 2023. The company’s expansion into the RMC sector underscores its commitment to innovation and strategic growth, positioning itself as a formidable player in India’s construction materials landscape.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments

Skip to toolbar