Mumbai: Unveiling ambitious expansion plans, Reliance Infrastructure Ltd said on Tuesday that it would invest Rs10,000 crore to set up cement plants in Maharashtra in the next five years that would have an installed capacity to produce 20 million tonnes a year.
At its 80th annual general meeting, chairman Anil Ambani also said the company—which has interests in power, roads and real estate—has emerged as the highest bidder to develop and operate five airports in the state.
Saying that about 40% of the cost of making cement is for coal, fly ash and power, Ambani said, “Given that all the three ingredients are at the core of our existing portfolio, there are obvious synergies that are waiting to be exploited.”
“As a natural extension of the power and infrastructure interest of our group, it gives us strategic advantage to enter into cement,” he said
Ambani said the domestic cement industry grew by 8% in the year ended 31 March despite an economic slowdown, and is expected to maintain the same growth pattern in the next 10-15 years.
The firm has also emerged as the highest bidder to develop and operate airports at Nanded, Latur, Yavatmal, Baramati and Osmanabad in Maharashtra.
Ambani said at the meeting that the company has also been shortlisted to bid for several other airports in the country.
The Union government has set a target of modernizing 35 non-metro airports in India through public-private partnerships.
Ambani said his company was keen to pursue projects for international airports at Navi Mumbai, Pune and Goa as well.