‘ACC’s expansion plans on track’

‘ACC’s expansion plans on track’

New Delhi: The expansion plans of ACC Ltd, India’s largest cement maker, are on track but costs on some of the projects have been marginally higher than expected, a top official said on Thursday. “There have been some marginal cost overruns," its managing director Sumit Banerjee told reporters at an industry conference.

“Part of this increase has come from cement price increases."

He did not specifically quantify the rise in costs, although he said planned capital expenditure in 2009 would be Rs16 billion and in 2010 it would be Rs14 billion.

The company had earlier said it would spend Rs29 billion in 2009 and 2010 on its expansion.

ACC, in which Swiss cement firm Holcim holds over 46%, plans to expand annual capacity by a third to 30 million tonnes by 2010.