Steel manufacturer Prakash Industries declared on Friday, July 4 that it is going to invest Rs 485 Crore for constructing a cement and a clinker factory in Chhattisgarh. In a filing to the Bombay Stock Exchange, the Prakash Industries mentioned that it inked a Memorandum of Understanding (MoU) for this project with the Chhattisgarh government on July 1. 

The BSE filing reads that through an investment of Rs 485 Crore, the Prakash Industries will set up and operate two million TPA cement plant and one million TPA clinker plant in Chhattisgarh. Sources inform that Prakash Industries will get assistance from the Chhattisgarh government for the allocation of a captive coal block and captive lime stone mine for the projects. Further on, the steel-making company would also be provided all incentives available to industrial projects in the state by the government as per the applicable industrial policy.