The commercial production at the new factory of Premier Cement Mills PLC began on 1 July.
On 30 June the company's board decided on the factory's launching date.
The new factory will increase Premier Cement's daily production capacity to 24,520 tonnes of cement, which was previously 8,000 tonnes.
An official of the company said the new plant has been set up by using the updated vertical roller mill (VRM) technology.
Premier Cement's official said, the new plant was set up by using a vertical roller mill (VRM), which is an updated technology for the cement industry. The Denmark-based cement manufacturer FLSmidth has supplied the machinery to the company.
According to the official, the new factory will help Premier Cement to produce cement at a low cost, which will increase its capability of doing business amid intensive competition.
VRM technology allows high-quality cement to be produced at a low cost and in a small space. Also, it is less harmful to the environment compared to other technologies.
The other cement makers that use this technology are Shah Cement, Bashundhara Cement, and MI Cement.
Premier Cement spent over Tk700 crore to establish this plant of which, Tk380 crore was taken as a loan from Standard Chartered Bank in the United Kingdom, and the remaining amount was taken from local banks and company sources.
Premier Cement was incorporated in 2001 jointly by K Group, Seacom Group and GPH Group, and got listed on the stock exchanges in 2013.
Its shares closed at Tk46.80 each on Thursday at the Dhaka Stock Exchange, where they reached a maximum of Tk98 per share in July last year.
After being listed in the share market, the highest dividend paid by the company was 30% in cash in 2014.
In the first nine months of fiscal 2021-22, despite a 6% year-on-year revenue growth, the company witnessed a 91% profit decline owing to the increase in prices of raw materials.
During the period, its revenue stood at Tk1,015 crore and net profit at Tk3.97 crore.