Shree cement to set up new plants with ₹7,000 crore investment in Andhra Pradesh

India's third-largest cement producer, Shree cement, will invest ₹7,000 crore to set up cement plants in Andhra Pradesh, according to a report by BusinessLine. The company plans to establish its new plants in various districts of the state.

This significant announcement was made on Thursday by the company's Vice President, Sumant Gautam, during the CII Partnership Summit. He stated that Shree cement has decided to set up cement plants in districts including Kadapa, Anakapalli and Guntur in Andhra Pradesh.

Speaking to journalists, Sumant Gautam said the company's decision to invest in Andhra Pradesh was taken in view of the incentives provided to investors by the coalition government led by Chief Minister N Chandrababu Naidu and the investment-friendly environment of the state.

Shree cement currently produces 75 MMT of cement annually. This new investment by the company is likely to boost the industrial development of the state. Under this project, the company will expand its production capacity in various areas of Andhra Pradesh.

Shree cement is a leading cement producer in India, ranking third in the country's cement market. The company possesses the capacity to produce large quantities of cement on an annual basis and operates extensively across the country.