Analysts say that the company will have to keep these options open as it has a number of projects which are in their early stages. The estimated cost of the expansion plans is expected to go up to Rs 1,320 crore adding another 7.5 million tonnes to GACL's capacity.

The company is setting up a greenfield facility at Nadikudi, Andhra Pradesh, with a capacity of two million tonnes. The project is estimated to cost at least Rs 620 crore, which includes a captive power plant.

The funds will be raised through a mix of term loans from financial institutions and equity contribution. Sources, however, say that the financial closure of the project is likely to take some time.

The annual report of the company states that land for plant and mining has been obtained as also some government clearances.

GACL's expansion plans will include setting up greenfield plants and augmenting capacity of the Gujarat facility from three million tonnes to four million tonnes. The company is also setting up a grinding unit each in ACEL, West Bengal, and in Bhatinda, Punjab. A greenfield project has been planned in Maharashtra.

GACL has also decided to rope in strategic partners which, the annual report states, is critical not only from the point of maintaining market share but increasing it too. This growth comes "with the challenge of sourcing the capital" for which it has tied up with American International Group (AIG) and the Government of Singapore Investment Corporation.