Binani Cement Thursday said it has signed an agreement worth Rs.4,200 crore (Rs.42 billion) with the Gujarat government to set up a 610 megawatt power plant, a cement factory and a captive jetty.
"The agreement was recently signed between the Gujarat government and Binani Cement during the Vibrant Gujarat Summit," the company said in a statement.
In the 2009 edition of the Vibrant Gujarat Summit, the company had inked an agreement to build a cement factory of 2.5 mtpa capacity. During the current summit, Binani signed a deal for another unit of 2.5 mtpa capacity, taking the total capacity to 5 mtpa.
The cement plant would be located in Junagadh and would manufacture both ordinary portland cement and pozzolona portland cement in equal ratio, the statement added.
The 610 MW thermal power plant would be built in three phases, starting with an initial capacity of 110 MW with two subsequent expansion of 210 MW each.
Also inked was an agreement with the Gujarat Maritime Board to set up a jetty having 10 mtpa capacity, which also would be completed in three phases.
At the Bombay Stock Exchange, the shares of the company closed 0.11 percent higher at Rs.87.40.
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