Star Cement Announces Expansion Amidst Acquisition Speculations

Northeast's Star Cement plans to expand production with a new facility in Assam, investing Rs 400 crore. The expansion aims for an operational state within two years. Reports of acquisition by Adani Group were dismissed by Star Cement, emphasizing focus on strengthening their business position.

Northeast-based Star Cement announced plans on Wednesday to expand its production capacity by another two million tonnes through a new project in Silchar, Assam. This venture is estimated to cost Rs 400 crore.

The firm anticipates the expansion to be completed within two years, emphasizing their commitment to enhancing their business presence without any intentions of selling the company. This announcement follows speculation about potential acquisition talks with the Adani Group, which Star Cement's promoters have firmly denied.

Joint Managing Director Sanjay Agarwal stated to PTI that the land for the Silchar unit has been acquired, supporting the company's long-term strategic focus on the growing building materials sector in the region.

(With inputs from agencies.)