UltraTech Cement’s Board has approved a capital expenditure of Rs. 1800 crore to expand into the wires and cables segment.
The investment will be spread over the next two years and financed through internal accruals and/or borrowings.
Ultratech said the move would help it become a comprehensive “Building Solutions Provider.
A new manufacturing plant will be established near Bharuch, Gujarat for the segment, which is expected to be operational by December 2026.
The wires and cables industry has shown a revenue growth of approximately 13% from financial year 2019 to 2024, indicating a robust market opportunity, Ultratech said.
The company competes with Adani Group’s Ambuja Cements and ACC Ltd. in the cements space.
ULTRACEMCO shares last closed 0.8% lower at ₹10,960.