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Shree Cement will set up a 1,500 crore cement plant in the Guntur district of Andhra Pradesh, an official statement from the state government has noted.

A delegation of officials from Shree Cement on Monday met Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and held discussions for setting up a Greenfield Cement plant in Guntur district.

During the meeting with the company officials, the Chief Minister discussed how Andhra Pradesh is the best destination for investments and also the incentives being given to Industries sector in the state, an official release said.

Shree Cement has cement manufacturing and allied sectors plants in nine states and it will be setting up its first plant in Andhra Pradesh and the plan is prepared to complete the project in 24 months.

On Monday, Shree Cement shares were down over 3% to close at 25,341 apiece on NSE.

Speaking on the occasion, Shree Cement managing Director H M Bangur said the Chief Minister has been working wholeheartedly to improve the position of the state.

Shree Cement, headquartered in Kolkata, is one of the biggest cement makers in Northern India. The company has reported 578 crore profit in September quarter as against 547 crore in the year-ago period, while revenue from operations came in at 3,206 crore in reporting period.

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