India’s JK Lakshmi Cement Ltd. plan to invest 20 billion rupees in the next financial year beginning 1st April to set up new plants and expand production capacity. 

Managing Director Vinita Singhania said Thursday the company plans to expand its annual production capacity to 8.0 million to 9.0 million metric tonnes by the end of the next fiscal year.

The company’s current capacity is 4.8 million tonnes, which is likely to rise to 5.3 million tonnes by March 31.

The company is setting up a new cement plant in central India which would most likely start operations in October or November 2013, Mr. Singhania said. She added that the company also plans to set up facilities to make ready-mix concrete.

“I think the fundamentals of the Indian economy are strong, and cement demand is bound to increase once infrastructure spending by the government picks up,” she added.