Cement maker Star Cement on Tuesday said it has received Rs 158.82 crore towards capital investment subsidy claim from the government, theMoney control Newshas reported.
Star Cement along with its subsidiary, Star Cement Meghalaya has received Rs 158.82 crore “towards capital investment subsidy claim from the central government and this amount will be utilised towards repayment of loans,” the company said in a regulatory filing.
The company will use these funds to repay loans, it said. The stock closed 0.35 per cent down at Rs 128.50 on the BSE, the report said.
Star Cement Limited is the largest cement manufacturer in north east India. It is a 70.48% subsidiary of Century Plyboards (India) Limited.
It has a 0.6 MTPA integrated cement plant at Lumshnong in East Jaintia Hills district of Meghalaya. The company also added 0.46 MTPA cement unit in Meghalaya (via its subsidiary) aggregating an installed capacity of 1.0 MTPA.
At present, Star Cement is marketing clinker to different grinding units located in India, Nepal and Bhutan, along with cement of 3 types.