JK Cement Ltd lays the Foundation Stone of its Upcoming Grinding Unit in Prayagraj, Uttar Pradesh
In a significant stride towards expansion and innovation, JK Cement Ltd. one of India’s leading manufacturers of Grey Cement and one of the largest White Cement manufacturers in the world, today performed the foundation stone laying ceremony of its avant-garde grinding unit in Prayagraj, Uttar Pradesh. The esteemed event was graced by Madhavkrishna Singhania Dy. MD & CEO and the Senior leadership team.
Embarking on the journey of construction and installation, the Grinding Unit’s inception unfolds with a noteworthy investment of approximately Rs.500 Crores and a remarkable total production capacity of 2.5 Million Tonnes Per Annum (MTPA). Strategically positioned in Prayagraj, Uttar Pradesh, this avant-garde facility not only augments JKCement’s production capabilities but also pioneers a path towards creating direct and indirect employment opportunities for the local community.
Commenting on the expansion, Dr.Raghavpat Singhania, Managing Director, JK Cement Ltd. Said: “JKCement stands at the threshold of opportunities, propelled by our expanding capacities, robust regional diversification, and an ever-evolving portfolio mix that seamlessly aligns with market demands. This strategic trajectory seamlessly integrates with our vision of augmenting capacity and extending our presence into untapped markets, mirroring the demand growth over the impending years. These aspirations underscore our commitment to quality, innovation, and contributing to the socio-economic fabric, all while adhering to the highest standards of operational excellence. We anticipate that these endeavors will not only foster our growth but also actively contribute to the overall development of the region and the nation. We firmly believe that progress is multi-dimensional, intricately intertwined. As India accelerates its infrastructure development to sustain robust economic growth, we are continually scaling our capacities to cater to escalating demands from the infrastructure, housing, and construction sectors.”
The company’s strategic capacity expansion positions them to cater to the evolving needs of a diverse customer base across key markets. With the establishment of the Prayagraj plant in Uttar Pradesh, they are poised to exceed their set target of reaching 25 MnTPA grey cement capacity by FY 2024-25. Furthermore, a meticulously planned expansion is in place to achieve 30 MnTPA in the medium term.
Adding to this Madhavkrishna Singhania Dy. Managing Director and CEO, said, “In our relentless pursuit of excellence, cementing our market foothold emerges as a paramount objective, seamlessly harmonizing with the company’s overarching vision of achieving sustainable and profitable expansion. This strategic addition not only ensures our steadfast role in nation-building but also ushers in an array of employment opportunities within the state. As we press forward, our commitment to operational brilliance and innovative contributions remains unwavering, amplifying growth and progress on both regional and national horizons. With strategic expansion as well as a customer-centric approach, JK Cement Ltd. has achieved remarkable prominence within the cement industry, setting unprecedented benchmarks for quality and reliability. Simultaneously, the company’s unwavering commitment to enhancing operational efficiency and reducing its ecological footprint remains steadfast.”
Presently, JKCement operates two functional units in the state of Uttar Pradesh, situated in Aligarh and Hamipur. The Prayagraj grinding unit project exemplifies their dedication to responsible expansion, driving innovation, and fostering contributions to the regions where they operate. This facility, designed with cutting-edge technologies, embodies efficiency, sustainability, and environmental responsibility.
MRG Group received 8x applications to its new affordable housing project
NCR-based real estate developers, MRG Group has announced a record-breaking response to its newly launched affordable housing project at Sector 90, Gurugram, with 8 times applications received. It recently launched its affordable green residential project, ‘Primark’ in Sector 90, Gurugram, near Dwarka Expressway with an investment of Rs.250 crore.
This is MRG Group’s first residential project under the Haryana government’s ‘Affordable Housing Policy’. This premium lifestyle green project will span 5.26 acres and will have 769 spacious residences (2 BHK), with sizes of 622.116 square feet, 623.193 square feet, and 645.797 square feet, priced at Rs.32 lakhs*. The project is anticipated to be completed within the next four years.
Situated along the Dwarka Expressway at Sector 90, this project will offer the residents a seamless lifestyle with convenience, connectivity, and comfort. Within a mere 2-minute drive from NH-48 (NH-8) and Dwarka Expressway, residents will be well-connected to major business centers, entertainment hubs, and retail destinations. Also, the project PRIMARK is a distinction to the IGBC Platinum rating giving customers the benefits of green sustainable buildings in terms of water and energy efficiency, green environs, and a healthy lifestyle, in addition to reducing the project’s carbon footprints and contributing positively to the environment.
Commenting on this, Rajjath Goel, Managing Director of MRG Group shared, “Primark has recorded a huge success receiving more than 6200 applications in just 15 days. This remarkable achievement is a testament to our project fulfilling homebuyer’s expectations and aspirations. We are forever grateful for the overwhelming response and the unwavering trust and confidence that people have put in us.”
Recognising the growing demand for affordable homes among aspiring homeowners, he added that the company will create housing options that incorporate sustainable building practices, modern amenities, and innovative solutions. “With our commitment to delivering value and ‘Spaces For Life’ to our people, we envision a future where more individuals and families can experience the pride and joy of homeownership,” he added.
MRG Group’s decision to venture into affordable housing is a calculated progression. Despite a sudden upsurge in affordable housing rates, the real estate market in Gurugram has been witnessing a surge in demand for affordable housing, driven by factors such as population growth, urbanization, and increased job opportunities. The MRG Group’s strategic move to invest in the Primark project aligns well with the government’s push for affordable housing under various initiatives, making homeownership a reality for many.
Morgan Stanley to invest Prakhyat Group’s warehousing project Rs.300 cr
Prakhhyat Group has partnered with a fund managed by Morgan Stanley Real Estate Investing to develop a warehousing project at Bhiwandi near Mumbai. The company did not disclose the amount of investment by Morgan Stanley Real Estate Investing (MSREI) but sources said it is around Rs.300 crore.
Prakhyat Group will develop a 0.7 million square feet Grade A warehousing space at its K Square Logistics Park in Bhiwandi, the company said in a statement. This marks MSREI’s entry in the Bhiwandi sub-market of Mumbai. With this, MSREI has invested in over 5.6 million sq ft of logistics assets across the country, it added.
The project, One K-Square, will be built across 25 acres. The development will offer warehousing solutions to institutional customers from e-commerce, 3PL players, FMCG and FMCD sectors, among others. Prakhhyat Group will be the development manager and will be responsible for project execution, leasing, and asset management. “Through this partnership, we are thrilled to leverage our development expertise, along with MSREI’s capabilities, as we create this marquee development in India’s most sought-after logistics sub-market,” Prakhhyat Group Director Sandeep Bagla said. MSREI India Vice President Anand Iyer said industrial and logistics as an asset class is a high conviction theme across its investment strategy. Prakhhyat Group’s K Square Logistics Park is spread over 156 acres with a total development potential of over 4 million sq ft. Prakhhyat Group is a leading industrial and logistics developer with over 10 million sq ft of projects under various stages of development. MSREI is the global private real estate investment management arm of Morgan Stanley with over USD 54 billion of assets under management.
According to real estate consultant Vestian, the leasing of warehousing space in Mumbai rose 75 per cent to 3.8 million sq ft during January-June this year from 2.2 million sq ft in the corresponding period of the previous year.
“Indian warehousing and logistics sector is sailing through global headwinds on the back of strong and sustainable fundamentals. Several mega infrastructure projects are planned across the country to improve connectivity and reduce transit time,” Vestian Chief Executive Officer Shrinivas Rao said.
HDFC Capital, Abhinandan Lodha Group ink JV to invest Rs.1,500 crore in low-rise projects
HDFC Capital Advisors and the House of Abhinandan Lodha (HoABL) have formed an alliance to set up a joint venture platform with investments of over Rs.1,500 crore to undertake land projects including plotted developments and low-rise projects across key property markets in India. HDFC Capital Advisors will be investing in this new platform through HDFC Capital Affordable Real Estate Fund-3 and the Investment is expected to result in a gross development value (GDV) of over Rs.4,500 crores.
Man Infraconstruction plans for redevelopment project in Mumbai
Man Infraconstruction (MICL) is planning to develop one of the largest redevelopments at Goregaon West in Mumbai. The project, having a total construction area of over 50 lakh sq. ft., is likely to be completed within five to six years. This acquisition aligns with its asset-light strategy, as the Group has expanded its horizons by adding a large-scale development project located in Mumbai.
The proposed project will spread over a 10-acre land parcel and has a carpet area for sale of about 17 lakh sq. ft. The project is expected to generate revenue of Rs.4,000 crore in the next five years. With the addition of this project, the company would expand its real-estate portfolio from the current 4.6 million sq. ft. to 6.3 million sq. ft. of carpet area. MICL owns a 33.32 percent stake in Royal Netra Constructions (RNCPL) for the redevelopment project.
DLF To Launch Luxury Housing Projects Worth Rs.15,000 Crore In Gurugram
DLF Ltd, a prominent real estate company, plans to launch two luxury housing projects worth Rs.15,000 crore in Gurugram by the second half of the fiscal year.
The MD, Ashok Kumar Tyagi, aims to capitalize on strong demand for premium homes after the success of the ‘The Arbour’ project with Rs.8,000 crore sales within three days.
DLF aims for Rs.13,000 crore in sales bookings this fiscal year, surpassing previous numbers. DLF’s FY22-23 sales bookings were Rs.15,058 crore, more than double the previous year.
Tyagi notes robust demand for ultra-luxury, luxury, and mid-income residential properties. Affordable housing is stressed due to rising interest rates and housing prices. DLF’s strategy includes a Rs.20,000 crore launch pipeline for this fiscal year.
Focus will be on two Gurugram launches on Southern Peripheral Road and Golf Course Road, with estimated sales value of Rs.15,000 crore. DLF owns land parcels for these projects and plans launches in Delhi, Chandigarh, and Mumbai. Chennai and Goa launches might be postponed to the next fiscal year.
Saint-Gobain India Sees 10% Growth, Invests Rs.8,000 Crore In Expansion
Saint-Gobain India, a subsidiary of French glassmaker, foresees 10% growth in volume and mix due to rising demand in the Indian market. The CEO of Asia Pacific and India region, Santhanam, highlights strong performance across sectors like building, construction, and industrial solutions. Expected annualized revenue of approximately Rs.13,200 crore for the year, with an estimated 8-10% growth from FY23 to FY24.
India ranks as the third most profitable country within the global Saint-Gobain business. Focus on capacity expansion investments with a planned 4-5 year cycle investment of about Rs.8,000 crore, primarily in capital expenditures. Internal accruals financing the investments; the company is debt-free and well-funded for growth.
Saint-Gobain India offers solutions for facades, partitions, ceilings, ceramics for infrastructure, and glazing solutions for mobility. Anticipating potential long-term growth at twice the GDP growth rate, driven by strong demand for residential, commercial, and industrial solutions. The trend of premiumization observed in various categories, including homes and commercial spaces. Government’s infrastructure focus boosts demand for construction chemicals, emphasizing sustainable solutions and reduced carbon footprint. Exports of advanced products to ASEAN, North Asia, Middle East, and Australia-New Zealand contribute to steady growth of 15%. Potential for increased exports if asymmetry in glass duties with select ASEAN countries is addressed.