French cement major Vicat Group will invest Rs. 510 crore in Andhra Pradesh to set up a greenfield grinding unit in Vizianagaram.
The group, under the name of Kalburgi Cements Pvt Ltd, had signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB), the nodal agency for attracting investments into the State.
The MOU was exchanged at the Indo-French Economic Partnership event held in New Delhi on Saturday, according to a release.
The �2.5-billion Vicat group started operations in India in 2008 with an Indian partner in the name of VICAT Sagar Cement Pvt Ltd. In 2014, it became a 100 per cent owned subsidiary of Vicat and was renamed Kalburgi Cement Pvt. Ltd.
It has an operating plant of 2.75 MTPA in Kalaburagi district of Karnataka.
The group wants to invest about Rs. 1,735 crore (�223 million) in India.
According to Anoop Kumar Saxena, CEO, Kalburgi Cements Pvt Ltd, the proposed investment will not only complement the economic development agenda of the State, but will also boost employment and social uplift of surrounding villages.