A leading cement company, aggressively pushing for expansion, has secured 24 new limestone mine leases, estimated to have a total resource of 587 million tonnes of limestone, as per the company's annual report. This acquisition adds to a previously secured 1 billion tonnes of reserves from another cement producer, acquired last November for an enterprise value of ?5,185 crore.

The group has set an ambitious target of reaching a production capacity of 140 million tonnes per annum (MTPA) by 2028. With sufficient cash reserves, the company plans to achieve this goal through a combination of brownfield expansion and strategic acquisitions. Recently, the group also announced the acquisition of a Hyderabad-based cement company for an enterprise value of ?10,422 crore, which will add 14 MTPA to its growing capacity, taking the total to 89 MTPA.

The cement industry, now the second-largest producer globally, reached a total market size of 397 MTPA in FY 2022-2023, driven by growth in the housing sector and significant investments in infrastructure development. For the financial year ending March 31, 2024, the group's consolidated revenue from operations, including other subsidiaries, was ?33,159 crore.

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