Binding Factor
Benu Gopal Bangur is the Chairman and majority shareholder of Shree Cement, which is a leading cement maker in Northern India. Under Bangur’s ‘leadership’, the company has achieved more than $1 billion revenues in its initial growth phase, which was a major milestone during that era.
Shree follows a multibrand strategy and sells its products under Shree Ultra, Bangur and Rockstrong brands which together command a sizeable marketshare in high value markets such as Rajasthan, Delhi and Haryana. Since 2006, it has more than quadrupled its production capacity both by expanding into new areas and increasing the capacities of the existing plants. The company also got into the production and sale of power under the name Shree Power (captive power plant) and Shree Mega Power (independent power plant).
The company’s cement production capacity stands at 29.3 million tonnes per annum (mtpa) across its facilities in Rajasthan, Uttarakhand, Haryana, Uttar Pradesh, Chhattisgarh and Bihar. It has recently announced the acquisition of a 92.83 per cent stake in UAE’s Union Cement for $305 million (approx. Rs 1,940 crore). This will enable the company to enhance its capacity to 33.3 mtpa.
Under Bangur’s mentorship, Shree Cement is recognised as one of the most environment friendly companies in the global cement industry. The company’s high corporate governance and social performance together with consistent financial performance makes it a truly sustainable company. It has been ranked 4th in 2017 Responsible Business Rankings developed by IIM Udaipur.
