Kolkata, Nov 25 (IANS) City-based GNG group, which is engaged in international trading, mining and power projects, is setting up an integrated cement plant with an annnual capacity of one million tonnes in Meghalaya, a top company official said here Wednesday.

Called Green Valley Industries, the Rs.450-crore project will be commissioned by March 2011, said GNG chairman G.N. Agarwal.

‘Within the next four-five years, we plan to create a capacity of three million tonnes of clinker and grinding,’ Agarwal told reporters at a press meet.

‘Our present project will be done in two phases. Work for the first phase has already begun and is scheduled to be completed by March 2010.’

For the first phase (0.6 million tonne), a Rs.250-crore investment has already been made, he said, adding that work on the next phase would begin within one year of production beginning in the first phase.

The group expects to clock a turnover of Rs.700 crore after one year of commissioning of the cement plant from the present Rs.500 crore.

‘We are developing a plan for the group’s cement business, which calls for investment to the tune of Rs.1,500 crore in the next five-six years,’ Agarwal said.

The seven states of north-east India requires approximately 4.5 million tonnes of cement annually, and will grow 9-10 percent per year.

A 20 MW captive power plant is also being set up.