The MI Cement Factory Ltd, popularly known as Crown Cement, has reopened the investment plan worth Tk770 crore for boosting production capacity by setting up sixth production line in its existing factory premises in Munshiganj.
The company's board took the decision, when the cement industry made turnaround from the pandemic shock.
The company disclosed the information on the Dhaka Stock Exchange's (DSE) website on Sunday.
Besides, the finance ministry also proposed for tax reduction on import raw materials to produce cement in the budget for FY2021-22.
Following the investment decision, its share price rose by 3.50% to Tk74 each at the DSE on Sunday.
The new production line will add 8,280 tonne per day of its existing capacity 11,000.
Earlier, on 11 October last year, the company has postponed expansion plans due to Covid-19.
On 17 January 2019, the company announced its plan to expand its daily production capacity with the introduction of the sixth manufacturing unit at its factory in Munshiganj.