Binani Cement Ltd, a mid-sized cement manufacturer that has a presence in northern Indian markets, has picked a 49% stake in a clinker manufacturing plant in Shandong province in China for $11 million (Rs44.4 crore). The company now plans to sell cement in China, West Asia and in eastern Africa.
The plant, owned by Shandong Rongan Group, produces 0.4 million tonne (mt) of clinker, a raw material used to make cement. The Shandong Rongan Group is a northwest China-based diversified business group that engages in mining and power businesses.
Binani Industries Ltd, which has business interest in zinc and glass fibre besides cement, is present in Dubai through a joint venture with Albwardy Investment. It produces around 1mt of cement at Jebel Ali in Dubai.
Read more in The Livemint article
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