B K Birla group company Kesoram Industries will be infusing Rs 600 crore for acquiring a mining land and in the tyre business in the current fiscal.
“We are planning to invest Rs 600 crore in 2016-17. The investment will be towards cement and tyre business,” Kesoram director and CFO Tridib Kr Das said after the AGM here today. The meeting was chaired by executive Vice-Chairperson Manjushree Khaitan as Chairman B K Birla could not attend due to health reasons. Das said Rs 350 crore would be towards tyre business out of which Rs 300 crore would be for car radial tyre facility at Balasore. “The 2.9 million car radial facility will be up for commercial production in April and already Rs 500 crore had been infused and another Rs 300 crore would be spent this year,” he said. “Another Rs 250 crore has been earmarked for acquiring mining land around its cement plant at Vasavdatta in Karnataka. Though we have a mine land in control that would cater for another 20 years, we have decided to acquire more mining land,” Das.