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Motilal Oswal Report
UltraTech Cement Ltd. announced a 22.6 million tonnes per annum increase in its grinding capacity via a mix of brownfield and greenfield expansions.
Capex for this expansion stands at Rs 128.9 billion, translating in a capex/tonne of $76.
This will help it achieve a domestic Grey Cement capacity of 153.5 mtpa by FY25. Grinding capacity expansion of 16.3 mtpa is already underway (to 130.9 mtpa by March 2023 from 114.6 mtpa).
Though UltraTech Cement has not specified any locations for these expansions, we expect the clinker plants to be set up across regions, except the western region. We expect a clinker capacity expansion of ~16 mtpa.
UltraTech Cement may set up four clinker plants of 12,000 tonnes per day, or five plants of 10,000 tonnes per day each.
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