Binani Cement today said it plans to float an international subsidiary to bring its all overseas assets and operations, including two proposed grinding units in Africa and a coal mine in Indonesia, under one umbrella.
"We are working on to float an international subsidiary. This will perhaps take one year time from now to materialize," company's Managing Director Vinod Juneja said here.
Asked whether the proposed subsidiary would be listed in overseas markets, Juneja declined to comment saying, "It is too premature".
Binani Cement has operations in China and Dubai with a combined cement manufacturing capacity of 2.3 million tonne (MT). The company also aims to raise the cumulative capacity to 4.75 MT by June 2009 with an investment of $175 million.
Juneja said Binani Cement is close to acquiring a coal mine in Indonesia for around $100 million which would help the firm to have 60-70 per cent coal linkages from nil now.
"The coal mine should be under our fold in the current quarter itself," he said, adding that the company spends around Rs 500 crore on coal and fuels now.
Juneja said Binani Cement plans to set up two grinding units of 1 MT per annum capacity each entailing an investment of $ 200 million in Africa.