Shree Cement today said it has entered into a Memorandum of Understanding (MoU) with the Karnataka government to invest Rs 2,000 crore for setting up a cement unit and a power plant.
The company will invest Rs 1,500 crore on a cement manufacturing unit with an annual capacity of 3 million tonnes and the remaining Rs 500 crore on operationalising a 100 Mw power plant, Shree cement said in a statement.
"We are delighted with this development and with the signing of this MoU, we would be able to capture more opportunities in one of the fastest-growing markets in the country," Shree Cement Managing Director H M Bangur said.
The company, however, did not disclose the time for the completion of the two projects.
"The mining lease has been allotted to the company for the cement plant and both the projects have received green signal from the High Power Committee of the government of Karnataka," the statement said, adding that the two projects will generate employment for 2,500 people directly and indirectly.