Grasim to invest Rs 13k cr in textiles, cement biz
Aditya Birla Group firm Grasim Industries will invest over Rs 13,000 crore in its textile and cement businesses over the next 24-36 months, as the company looks to increase capacity and modernise production. On a standalone basis, the total capex for Grasim Industries’ textile business stands at Rs6,427 crore, which is to be utilised by the company till financial year 2021, Aditya Birla Group’s chief financial officer Sushil Agarwal said.
“The board of directors (of the company) today also approved an additional Rs1,000 crore investment into the chemical business, taking Grasim Industries’ standalone capex plan (for its textile business) to Rs7,427 crore (till FY2021),” Agarwal said.
Grasim Industries, which also includes the group’s cement business, UltraTech, will invest Rs 5,900 crore on capex to modernise its existing cement plants and carry out environmental upgradation and ramp up capacity of assets it acquired from Jaiprakash Associates. On a consolidated basis, Grasim Industries will invest more than Rs 13,327 crore in capex into its textile and cement businesses till financial year 2021.