DUBAI, United Arab Emirates & TBILISI, Georgia & MUSCAT, Oman--
(Press Release Power)--The UAE based Pioneer Cement Industries (œPioneer Cement), part of Oman built Raysut Cement Company SAOG (RCC) is in the course of scenery up a 1.2 m tonnes per annum bulk joined cement herbal in Georgia, Eastern Europe.
Pioneer Cement owns concession to limestone pits in Georgia that will provide the key raw materials to this project. Georgia provides Pioneer Cement an chance to diversify from the Middle East into a market with large set-up growing and lack of clinker and high-quality cement, the company said in a report.
The plant will be set near Tbilisi, adjacent to the mineral mines. The debt and equity preparations for the project are now being finalized and the building work in the project is slated to commence from Q4 2019.
The price of the plan is valued at $200 million.
œWe have embarked on an violent and ambitious expansion strategy in the region with specific focus on Africa and neighboring regional countries, and in this context setting up Pioneer Cement Georgia is a important geographical change, said RCC Group CEO Mr. Joey Ghose.
Talking about the project, B.S. Rajan General Boss Pioneer Cement said, "The Georgia expansion is a major milestone for Pioneer and its parent company Raysut, as it opens up a diverse market for us in terms of growth likely as well as new challenges. We are confident that this move will further strengthen and complement our aggressive expansion strategy in area and global souks and grow into a increase spouse in economies across a wide physical print."
The Georgia growth of Raysut comes close on the heels of the company's statement of signing a land lease agreement and Port of Terminal facilities contract with Port of Duqm Company SAOC for building a new grinding unit in Oman at an investment of US$30 million. The Duqm plant is being set up as part of the company's violent growth strategy in the local and area markets.
This year Raysut also joined hands with MSG Group in East Africa to set up a US$40 million cement oppressive unit in Berbera, Somaliland as well as acquired Sohar Cement Factory LLC at a value of US$60 million.
Contacts
Watermelon Communications
Rasheed Palliyalil, +97142833655
rasheed@watermelonme.com
Source: https://www.businesswire.com/news/home/20191017005812/en/Pioneer-Cement-UAE-Develop-US200-Million-Greenfield
