Mumbai: Indian cement maker Grasim Industries Ltd expects higher infrastructure spending by the government to drive volumes for cement, a senior official said on Wednesday.
“Infrastructure should be a major driver. The government is likely to increase spending. This should help our cement business,” chief financial officer Adesh Gupta said.
India has said it needs about $500 billion over five years to overhaul its crumbling infrastructure.
Grasim, part of the Aditya Birla group, reported a 5% fall in March quarter net profit to Rs5.69 billion on Tuesday.
Grasim and its unit Ultratech Cements have combined cement-making capacity of 35 million tonnes in India.