Wednesday, April 24, 2024

Cherat Cement has approved the construction of a Rs34 billion greenfield project in KP

Cherat Cement Company Limited stated on Thursday that a Rs34 billion greenfield facility in Khyber Paktunkhwa with a capacity of 11,000 tonnes per day has been approved.

The company’s Board of Directors approved the installation of a cement factory in Dera Ismail Khan, KP, during a meeting held on Thursday, the cement maker notified the Pakistan Stock Exchange (PSX).

“The plant will have an installed clinker production capacity of 11,000 tonnes per day, and the overall project cost is estimated to be around Rs34 billion, with project completion expected in three years,” according to the announcement sent to the stock exchange.

The news comes as the country’s cement sector has experienced rapid growth in recent months, owing to a resurgence in business activity. Total cement dispatches in May 2021 were 3.947 million tonnes, up from 2.634 million tonnes in the same month last year, representing a 49.86 percent increase.

Domestic cement dispatches climbed by 40.95 percent to 3.201 million tonnes in May 2021, compared to 2.271 million tonnes in May 2020, according to data supplied by the All Pakistan Cement Manufacturers Association.

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