Shree Cement inks pact with StarCrete to acquire 5 RMC plants for Rs 33.50 crore

Shree Cement Limited has signed an asset purchase agreement with StarCrete LLP to acquire five operational RMC plants for Rs 33.50 crore.

The company, in a statement, said with this asset purchase, it has announced its foray into the RMC (ready mix concrete) business.

The strategic location of the RMC plants will facilitate entry into key construction projects in the Mumbai metropolitan region (MMR) and help in the growth of the RMC business of the company, it added.

The company said it is actively working on setting up greenfield RMC plants at different locations and by the end of March 2024, it also aims to mark its greenfield footprint in the RMC business.

Speaking on this occasion, Shree Cement Ltd MD Neeraj Akhoury said a strategic foray into the RMC segment is a step ahead in our vision to become a multi-product company centred around core cement business.

RMC offers an exciting opportunity as the segment is expected to clock a healthy growth future driven by the government push for large infrastructure projects and a boom in housing construction, it added.