Rajasthan-based Shree Cement Ltd has decided to invest Rs 1,200 crore in the current financial year to expand its production capacity, including setting up two greenfield plants and installing four captive power plants.

According to company officials, the investments would be made in two grinding units in Rajasthan and Uttaranchal, and two power plants of 50MW each at Bangur city.

According to the consolidated first quarter results posted by the cement bigwig ACC Ltd, the company's year-on-year net profit figures, for the quarter ended March 31, 2009, have gone up from Rs 324.3 crore a year before to Rs 399.34 crore.

In its filing to the stock exchange, the cement maker said that its total income also moved upward - from the year earlier Rs 1953.33 crore to Rs 2217.82 crore.

While launching its new brand campaign, cement maker Jaypee Cement, a wholly owned arm of the Jaypee Group, has appointed master blaster Sachin Tendulkar as its brand ambassador.

Mr. Manoj Gaur, Jaypee Group Executive Chairman, said, “Sachin and Jaypee Cement are a perfect fit as they stand for similar values of inner strength, endurance and ever lasting performance. These value have spurred both to set new benchmarks and made good the dreams and aspirations of all those who believe in Sachin and Jaypee Cement.”

Despite ongoing uncertainty over demand and fears of surplus capacity depressing prices, ACC Ltd., India's foremost manufacturer of cement, has decided to invest Rs 1,600 crore in 2009 and another Rs 1,300 crore next year.

The company officials unveiled the investment plans at the 73rd annual general meeting in Mumbai on Wednesday. ACC stated in a communiqué that it will enhance capacity at Bargarh plant to 2.3 million tonnes (mt) with a 30 MW captive power plant, which is expected to complete by mid-2009.

In addition, the company is also setting up two greenfield grinding plants in Karnataka which would go on steam by the end of the year.

The March sales statistics, vis-a-vis the February figures, were upbeat for the leading cement companies including ACC, Ambuja Cement, and Aditya Birla group's UltraTech Cement and Grasim Industries.

Geneva - Holcim, a Swiss cement supply company, said Monday it had opened international arbitration proceedings against Venezuela, after the South American government failed to pay compensation for the nationalization of its branch there last year.

Along with two other foreign-owned cement companies, Holcim's assets were seized by Caracas in the summer, the company said in statement.

In violation of an agreement between the company and Venezuela, the Swiss firm was never compensated and the government cut off all contact by October.