Shree Cement is looking to expand its horizons as it aims to scale up to 80 Million Tonnes Per Annum (MTPA) capacity by FY28-29, from 46 MTPA at present, said Chairman HM Bangur. It aims to scale "at least 25 percent or 10 MTPA capacity inorganically in the next five years, especially in new regions”, he added.
The chairman outlined the reasons behind appointing a new managing director for a period of five years -Neeraj Akhoury - and said he expects the new MD to drive next phase of growth. The ex-MD and CEO of ACC, Ambuja Cement, was announced as Shree Cement's designated MD last week.
ALSO READ: Shree Cement Q2 Result | Profit slumps 67% on year to Rs 189 crore as input costs jump
In an interview with Moneycontrol, HM Bangur said, “We aim to grow from 45 to 46 million capacity to 80 million tonnes in five years. And for that, a very experienced person, who has worked in multi-location and various type of big companies, was required to be at the helm. Shree has grown the company up to this stage and now because of the further complexity the company chose Mr. Akhoury."
The chairman further highlighted that the company was not just looking for assets at the right price and time but also in the geographies where it isn’t present. Shree Cement is the market leader in the North and is now growing its presence in the East, South, and West.
Bangur expects larger players to gobble up smaller players in the coming future but doesn't expect a dramatic consolidation in the sector over the one witnessed over the last 20 years.
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