NEW DELHI, March 25, 2014 /PRNewswire/ --
The Board of Directors of Dalmia Cement (Bharat) Limited (DCBL), a subsidiary of Dalmia Bharat Limited, approved the proposed acquisition of 74% stake in Bokaro Jaypee Cement Limited (BoJCL), a joint venture between Jaiprakash Associates Limited (JAL) with 74% stake, and Steel Authority of India Limited (SAIL) with 26% stake. The total enterprise value is Rs. 1,150 crore. BoJCL is a 2.1 million tonnes per annum (MTPA) cement unit located at Bokaro, Jharkhand. It has a 30-year long term clinker supply arrangement with JAL and 30-year slag supply arrangement with SAIL. With this acquisition, DCBL's current installed cement capacity (including subsidiaries and associates) will reach 20 MTPA.
(Logo: http://photos.prnewswire.com/prnh/20130812/633936)
"We are delighted to associate with one of India's finest infrastructure players. The transaction was completed in a record time with excellent chemistry and co-operation between the professional teams of JAL and DCBL," said Mr. Mahendra Singhi, Group CEO-Cement, DCBL.
The proposed acquisition would be funded through a mix of debt and internal accruals.
Media Contact: Pooja Bharadwaj, [email protected], 9560166999, Dalmia Bharat Limited
Share this article