The said plants have an aggregate capacity of 422 cubic meters per hour and the total cost of acquisition is Rs 33.50 crore.

Shree Cement stated that with this asset purchase, the company has announced its foray into the RMC business. The strategic location of the RMC plants will facilitate entry into key construction projects in MMR and help in growth of the RMC business of the company.

The company is actively working on setting up greenfield RMC plants at different locations. By end of March 2024, the company also aims to mark its greenfield footprint in RMC business.

Neeraj Akhoury, managing director of Shree Cement, said: “Strategic foray into RMC segment is a step ahead in our vision to become a multi-product company centered around core cement business.

RMC offers an exciting opportunity as the segment is expected to clock healthy growth future driven by government push for large infrastructure projects and a boom in housing construction. Utilizing our capabilities in the cement segment, we will aim to deliver superior-quality environment friendly RMC products to our customers for meeting their evolving needs.”

Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement.

The company reported a standalone net profit of Rs 734.23 crore in Q3 FY24, steeply higher than Rs 276.77 crore posted in Q3 FY23. Revenue from operations grew by 20.44% year on year (YoY) to Rs 4,900.82 crore in the quarter ended 31 December 2023.

The scrip rose 0.29% to currently trade at Rs 25015.10 on the BSE.