It claimed that builders, developers and politicians were making politics out of a bleeding industry
India cements blames politicians for woes
Chennai: Defending the recent hike in cement prices, India Cements claimed that builders, developers and politicians were making politics out of a bleeding industry.
“India is the second largest cement manufacturer with 350 million tonne capacity and has grown along with the economy. In fact, we have created capacities ahead of the demand and the context is lost when they blame only cement price hike,” said Mr N. Srinivasan, vice-chairman and MD of India Cements.
Cement prices touched RS 360 per bag from the level of Rs 275 per bag in just three weeks time in the Chennai market which has drawn a lot of flak from various quarters. Even at this price, it is unviable for a cement manufacturer due to rise in input costs, the MD claimed.
Cement industry in the south is still reeling under the impact of nil growth as the expected pick up in demand in AP has not materialised.
( Source : dc correspobndent )
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