Mumbai: Diversified Indian firm Jaiprakash Associates to invest Rs3,000 crore ($640 million) in 2010-11, mostly to add cement capacity in a market growing in double-digits, a top official said on Friday.
The New Delhi-based company will consider bidding for road projects by the National Highways Authority of India, in addition to two expressways it is building in the northern state of Uttar Pradesh, chief financial officer Rahul Kumar told Reuters in an interview.
“We are very bullish India will continue to see double-digit growth in cement demand. Infrastructure, housing and the rural sector will be the biggest drivers,” he said over telephone from New Delhi.
Jaiprakash, with interests in hydropower, construction, real estate, cement and hospitality, has benefited over the past few years from a building boom in Asia’s third-largest economy to expand its road network and increase power generation capacity.
It currently operates cement capacity of 19.1 million tonnes and hopes to raise this to 29 million by March 2011, Kumar said.