ACC intends to set up a greenfield unit in Katni, Madhya Pradesh (MP), with a clinker capacity of 3mt and a grinding capacity of 1mt. It also plans to set up a 1.6mt split grinding unit in Tikaria, Uttar Pradesh (UP), at the existing plant and a 2.2mt unit at another location in UP. It also aims to boost the grinding capacity of the Sindri plant in Jharkhand by 1.1mt. a capex of Rs30bn, which would be funded through internal accruals. In our view, this is a positive development as the company is currently operating at a utilization of 83% (all plants put together), and as a result it would have had only limited room to take advantage of volume growth opportunities in the next few years without a capacity expansion....