By IANS,
Kolkata : Kesoram Industries plans to invest Rs.2,000 crore on capacity augmentation of its cement and tyre plants over the next 15 months, a top company official said here Friday.
“Out of this, the Vasavadatta cement plant will receive Rs.750 crore to increase its capacity by 1.65 million tonnes,” company chairman Basant Kumar Birla told reporters.
At present, Kesoram has a capacity to produce 7.25 million tonne of cement annually.
Around Rs.800 crore would go towards increasing tyre capacity of its Balasore unit, while the remaining Rs.450 crore will be spent on other plants. Kesoram is engaged in manufacturing tyres, tubes, flaps, cement, viscose filament and rayon yarn.
The funding will be through a mix of internal accruals and debt in the ratio of 1:3.
Earlier in the day, the 88-year-old Birla told shareholders at the 90th annual general meeting of the company that after his retirement, his grandson Kumar Mangalam Birla would take charge of Kesoram.
He said though most B.K. Birla group companies would go to Kumar Mangalam, “three to four companies” would be given to daughters Manjushree Khaitan and Jayashree Mohta.
“I have made a final will a month ago and it was approved by everyone in the family.”
He, however, refused to give any further details about the succession plans.