Jindal Group on Tuesday announced commissioning of a cement grinding unit of 1.5 million tonnes per annum in Odisha, as part of its Rs 2,200 crore expansion plan.
In a statement, the group said, "Its arm Jindal Panther Cement has commissioned the first cement grinding unit with a capacity of 1.5 MTPA, reinforcing commitment to low-carbon cement production. The facility will utilise about 1 MnTPA of blast furnace slag."
Slag is a by-product produced from steel manufacturing through blast furnace route.
JPC plans to scale up its production capacity at both Angul and Raigarh to 7 MnTPA from from 1 MnTPA at present, infusing an investment of Rs 2,160 crore, it said.
The grinding unit is designed with low-carbon technologies and uses slag to produce cement. The facility will source slag from Jindal Steela and Power Ltd.'s steel plant located nearby in Angul.
JPC CEO Rohit Vohra said, "The commissioning of our Angul grinding unit marks a significant step in our journey towards a sustainable future. We eye to cater to the growing central and eastern India with our green cement commitments."
Shares of Jindal Steel & Power were trading 3.35% lower to Rs 917.95 apiece, compared to 0.79% decline at the benchmark NSE Nifty 50 at 2:08 p.m.
It has risen 38.53% in the last 12 months and 22.58% on a year-to-date basis. The total traded volume so far in the day stood at 1.44 times its 30-day average. The relative strength index was at 54.50.
Nineteen out of the 27 analysts tracking the company have a 'buy' rating on the stock, three recommend a 'hold' and five suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 14.8%.
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