Steel Authority of India Limited (SAIL) signed a shareholder’s agreement with Jaypee Associates Limited (JAL) to form a joint venture company called Bokaro Jaypee Cement Limited (BJCL), for setting up a 2.1 million tonne capacity cement plant at Bokaro.
Equity participation by JAL and SAIL in BJCL will be in the ratio of 74:26. The initial authorised paid-up capital of the company will be Rs 500 million raised through a debt-equity ratio of 70:30. The proposed plant will come up in two years’ time at an estimated cost of Rs 4.05 billion. It will manufacture cement using the slag generated by BSL’s blast furnaces. SAIL has decided to diversify into cement production in a phased manner.
Labels: Market Watch
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