Owing to the investment-friendly policies of the Yogi Adityanath government and the suitable environment for investment in Uttar Pradesh, JK Cement Limited will invest an additional Rs 500 crore in Uttar Pradesh to build a unit in Prayagraj over the course of the next 12 months.
This brings the company's overall investment in the state to Rs 1,200 crore.
The company is already working on two projects worth Rs 700 crore in UP. To create a long-term roadmap for the company's expansion in UP, the company's Deputy Managing Director and CEO Madhavkrishna Singhania will attend the Uttar Pradesh Global Investors’ Summit-2023, which will be held from February 10 to 12 at Vrindavan Yojana in Lucknow.
Team Yogi travelled to many countries and different states of India seeking investment on the instructions of Chief Minister Yogi Adityanath, and they received positive feedback from investors. The investors are excited to make investments in the state and are looking forward to UPGIS.
Singhania said: "We are proud to be a part of this dynamic state that not only offers us a geographic advantage, but also gives a plethora of opportunities for investment and expansion. With its favourable business environment, abundant resources, and highly skilled workforce, Uttar Pradesh is undoubtedly an ideal location for our expansion plans. JK Cement is pleased to announce the setting up of its third clinker grinding unit, with a 2.50 MTPA capacity in the Prayagraj district. The project would cost Rs 500 crore and should be finished in the upcoming year. This has helped JK Cement strengthen its presence in eastern India.”
Recently, the company opened its second facility in Hamirpur (Bundelkhand) for grinding grey cement. A memorandum of understanding (MoU) was signed with the Uttar Pradesh government last year that stated that the newly constructed unit in Hamirpur, which is now operational, has a proposed investment of Rs 400 crore and a total production capacity of two million tonnes per annum (MTPA).
The first greenfield split cement grinding unit was established in Aligarh with a 1.50 MTPA capacity and a Rs 300-crore investment. All three of the greenfield grinding plants, with a combined investment of Rs 1,200 crore, will improve the state's economy while strengthening their position in UP and improving the livelihood of the communities by creating employment opportunities.
Additionally, an MoU has also been signed with the Indian Institute of Technology-Kanpur to work together on the establishment of a super specialty hospital to be named after Yadupati Singhania, the company's founder MD and former chairman. As part of its corporate social responsibility (CSR), the company has agreed to support 'Yadupati Singhania Memorial Super Specialty Hospital' in Kanpur with funding of Rs 60 crore. The hospital will be equipped with state-of-the-art facilities that will provide top-notch medical care to all.