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Shree Cement is an Indian cement manufacturer, founded in Beawar, Rajasthan, in 1979. Now headquartered in Kolkata, it is India's third largest cement producer by capacity[2][3] and second largest cement company by market capitalisation.[4] Shree Cement has an installed capacity of 50.9mt including overseas operations.[5] It also produces and sells power under the name Shree Power (captive power plant) and Shree Mega Power (independent power plant).[6][7]
 | |
| Company type | Public |
|---|---|
| Industry | Building materials |
| Headquarters | |
Key people | |
| Products | Cement |
| Revenue |  ₹21,119 crore (US$2.5 billion) (2024)[1] |
| ₹2,959 crore (US$350 million) (2024)[1] | |
| ₹2,396 crore (US$290 million) (2024)[1] | |
| Total assets | ₹27,953 crore (US$3.3 billion) (2024)[1] |
| Total equity | ₹20,744 crore (US$2.5 billion) (2024)[1] |
Number of employees | 6,185 (2021)[1] |
| Website | www |
Shree Cement was incorporated in 1979 by Benu Gopal Bangur. In 1983, it commissioned its first plant in Rajasthan, with production beginning in 1985. In 1995, Bangur's family gained full control of the business. Bangur's son Hari Mohan Bangur, who had joined his father after graduating from IIT Bombay in 1975, is the current head of the company. In 2003, Hari Mohan Bangur's son Prashant Bangur too joined the business.[8]
In 2018, Shree Cement acquired UAE-based Union Cement, which had a capacity of 4mt in the Emirate of Ras Al Khaimah, for $305 million.[9]
In November 2019, the company raised Rs 2,399.99 crore through a qualified institutional programme. Nearly two years later, post fund-raising in September 2021, the company announced that it is infusing capital as part of its capex plans. The company announced it will invest Rs 4,750 crore until FY 2024. It commissioned an integrated cement plant at Nawalgarh, Rajasthan, which will be operational by December 2023. The Rajasthan plant consists of 3.5 MTPA cement and 3.8 MTPA clinker facility. The capex also includes a 3 MTPA clinker plant near Purulia, West Bengal.[8]
Plants are located in Beawar, Ras, Khushkhera, Jobner (Jaipur) and Suratgarh in Rajasthan, Laksar (Roorkee) in Uttarakhand,[2] Panipat in Haryana, Bulandshahar in Uttar Pradesh,[10] Raipur in Chhattisgarh, Seraikela in Jharkhand and Aurangabad in Bihar.[3][11]
In 2023, the company opened a new cement grinding unit with a capacity of 3 million metric tonnes per annum in Purulia district, West Bengal through its subsidiary, Shree Cement East.[11] The facility was inaugurated by the Chief Minister of West Bengal, Mamata Banerjee.[11]
In March 2024, the company acquired five ready-mix cement (RMC) plants in Mumbai from StarCrete LLP.[12][13]
The company produces and sells power under the brand name Shree Power and Shree Mega Power (SMP).[14]
In 2018, six workers died at the under-construction Shree Cement factory in Kalaburagi district, Karnataka, after a crane collapsed.[15] In 2024, it was reported that four workers had died in separate incidents at the same factory, prompting the district collector to launch an investigation into the factory's safety protocols.[16]
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