UltraTech Cement, India's biggest cement company & largest exporter of cement in India, on Thursday announced an investment plan amounting Rs 54.77 billion towards 12.8 MTPA capacity expansions.

The board of the company in its meeting approved capacity expansion to the tune of 12.8 mt per annum with a mix of brown-field and green-field expansion.

"The additional capacity will be created in the fast-growing markets of the eastern, central and northern regions," the company said.

Upon completion of the latest round of expansion, UltraTech's capacity will grow to 136.25 mt per annum, reinforcing its position as the third-largest cement company in the world, outside of China.

"This significant investment in a core infrastructure sector will accelerate the wheels of economic activity and aid the kickstart of the private investment cycle," said Aditya Birla Group's chairman Kumar Mangalam Birla.

Given its pan-India presence which will be further strengthened by the capacity expansion, UltraTech will be well positioned to support the rising demand for cement in the country, Birla added.

This expansion includes the existing approval for the cement plant at Pali in Rajasthan, in addition to the company's 6.7 mtpa capacity expansion currently underway in Uttar Pradesh, Odisha, Bihar and West Bengal, which has picked up pace and is expected to get commissioned by FY22, in a phased manner, the company added.

 Shares of the company gained Rs 182.9, or 3.74%, to trade at  Rs 5,075.15.  The total volume of shares traded  was  63,304 at the BSE (11.46 a.m., Friday).