India Cements Ltd (ICL) is planning to invest around Rs 400 crore as capex till next fiscal. N Srinivasan, vice chairman and managing director, India Cements, said that the company has envisaged a capex of Rs 200 crore this year, mainly for maintenance works. Between this year and next financial year, capex is expected to be around Rs 400 crore.
The company also lined up specialised cements for oil wells and for Indian Railways. He added the company has plans to manufacture a range of specialised cements like oil well cement ( used for cementing works in the offshore drilling of oils by ONGC) and sleeper cement ( used by Indian Railways). ICL has reported a 62 per cent growth in net profit of Rs 62.41 crore in the second quarter ending September 30, 2016 as compared to Rs 38.5 crore, a year ago. Company’s net sales improved to Rs 1,307 crore from Rs 1,225 crore.