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New Delhi, Feb. 22 Steel Authority of India Ltd (SAIL) has entered into an agreement with Jaiprakash Associates to form a joint venture company to set up a 2.1-million-tonne cement plant in Bokaro, with an estimated investment of Rs 405 crore.

The joint venture company — Bokaro Jaypee Cement Ltd — would have an initial, authorised paid-up capital of Rs 50 crore, raised through debt-equity in the ratio of 70:30, a release from SAIL said.

“Equity participation in the new company, by Jaiprakash Associates and SAIL, would be in the ratio 76:24 and the proposed cement plant would come up in over two years. It will use the slag generated by SAIL’s Bokaro steel plant’s blast furnaces,” the release added. The steel major also said that it was contemplating a similar initiative for utilisation of slag generated at its Rourkela steel plant, for which it is scouting for a joint venture partner.

“The company has decided to diversify into cement production in a phased manner,” the statement added.

More Stories on : Alliances & Joint Ventures | Cement | Steel | Steel Authority of India Ltd

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