Dalmia Cement (Bharat) Ltd through its step down subsidiary has bought over 26 per cent stake in Bokaro Jaypee Cement Ltd (BoJCL) for 234.56 crore from Steel Authority of India Ltd (SAIL).

In March this year, Dalmia Bharat Group had purchased 74 per cent stake from Jaypee Group in this joint venture.

Mahendra Singhi, Group CEO, said here on Thursday that the enterprise valuation for the Bokaro entity was placed at Rs 1,150 crore.

Dalmia Bharat has taken complete control over the 2.1 million tonnes (mt) unit after the deal with SAIL on November 28. The new buyer has also taken over Rs 161 crore worth of borrowing.

The unit is currently running at a capacity of around 1.6 mt. With this acquisition, and two Greefield projects, due for commissioning by March 2015, Dalmia Bharat Group’s total installed cement capacity is poised to touch 24 million tonnes a year.

Apart from the two upcoming Greenfield facilities – one at Umrangsu in Assam and the other at Belgaum in Karnataka, Singhi said the group was pursuing another new project in Rajasthan. It has obtained limestone mining lease in Chittorgarh district in the State, some 80 km Chittor forte.

“Here, we plan a 3 mt cement unit. However, the project is at a nascent stage as we are yet to acquire the land, about 400 hectares,” Singhi added.

The Bokaro facility would strengthen the group’s presence in the eastern region considering the group’s 48 per cent-owned OCL India’s three units in the region – two in Odhisa and one in West Bengal.

It has also acquired Calcom Cement in Assam and Adhunik Cement in Meghalaya.

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