GMDC inks multi-year pact with City Gold Pipes to supply limestone

City Gold Pipes is a consortium between Goldcrest Cement and Kailash Darshan Housing Development (Gujarat).

The company will supply limestone from its upcoming Lakhpat Punrajpur Mine in Lakhpat Taluka of Kutch District in Gujarat.

The agreement will support City Gold Pipes in setting up a greenfield integrated mega-capacity cement plant, fostering industrial growth in the region. The collaboration will stimulate investment, enhance industrial development, and generate thousands of direct and indirect employment opportunities in Kutch, contributing significantly to the socio-economic progress of Gujarat.

This initiative will contribute substantially to the State Exchequer through revenue generation in the form of Royalty, National Mineral Exploration Trust (NMET) contributions, District Mineral Foundation (DMF) funds, and Goods & Services Tax (GST) on both limestone and cement production.

Gujarat Mineral Development Corporation (GMDC) is India's second-largest Lignite-producing company and top merchant seller of Lignite. It has been engaged in the development of the ample mineral resources of the state.

The company's consolidated net profit jumped 26.4% to Rs 147.66 crore on 15.8% increase in net sales to Rs 653.42 crore in Q3 FY25 over Q3 FY24.

The counter slipped 4.24% to end at Rs 295.70 on the BSE.

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