The three were working in a 40-feet deep pit at the plant in Malpuri Khurd, about 30 km from Bhilai.
They were laying the foundation for installing heavy machinery at the plant.
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The landslip trapped the three in a 20-feet mound, leaving no room to escape.
"When one of the labourers approached the pit, he noticed the mound and informed the other workers," said a police official present at the spot.
It took about an hour for the rescue team to pull the labourers out from under the debris.
They were immediately rushed to a government hospital, where one of the workers was declared dead.
Additional Superintendent of Police Prashant Thakur said the police had registered a case and was investigating the matter.
JK Laxmi Cement had announced compensation of Rs 0 lakh for the kin of the deceased, he said.