India's largest cement maker UltraTech will add 10.2 million tonnes to take its total capacity to 62 million tonnes by the next financial year.
The chairman, Kumar Mangalam Birla, said at the annual shareholders meet that a Rs. 12,000-crore capital expansion plan is on track and most of new projects including clinkerisation plants at Chhattisgarh and Karnataka together with grinding units, bulk packaging terminals and ready mix concrete plants and waster heat recovery systems will be on stream early on in the next financial year 2013-14.
Responding to shareholders query on the impact of Competition Commission of India's decision to slap penalty on 11 major cement companies for cartelisation, Kumar Mangalam Birla said,"We are completely protected. We have not indulged in any sort of activity that can be termed as cartelisation".
"There are 47 players in the cement industry and no cartelization is possible with such level of disintegration," he said.
"There is no evidence to suggest cartelisation and I am given to understand such charges will not stand in the absence of hard evidence," he added.
Regarding a possible increase in cement price, he said "prices would have to go up as there was a 30-150% rise in coal prices as well as increase in rail freight rate, diesel price and raw material cost besides escalation in capital cost".