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| Jaiprakash Associates to set up 2 mn tonnes cement plant |
| BS Reporter / Mumbai Aug 03, 2009, 14:03 IST |
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Jaiprakash Associates (JAL), the flagship company of diversified industrial conglomerate Jaypee Group today signed a memorandum of association (MoU) for setting up a 2 million tonnes per annum capacity cement plant in joint venture with Assam Mineral Development Corporation (AMDC).
JAL had acquired the tender, issued by Assam Government in June 2007, to set up the cement plant by offering highest facilitation fee & free equity to AMDC.
As per the MOU a new joint venture company will be incorporated soon to set up the cement project at Umrangshu district Halflong North Cachhar Hills in Assam.
The new company would be based on limestone reserves of 157 million tonnes in the region.
The total project cost is estimated at Rs 1050 crore and JAL will hold 82 per cent equity in new joint venture company while the remaining 18 per cent will be held by AMDC.
JAL is the third-largest producer of cement in country with an installed capacity of 14.70 MTPA, poised to be 25 Mn Tonne per annum by 2010 is having country’s largest single location cement facility of 7 million tonnes per annum at Rewa in MP.
In yet another joint ventures with Steel Authority of India, the company is also establishing two cement Plants of 2.2 MTPA & 2.1 MTPA capacity at Satna in MP, Bhilai in Chattisgarh & Bokaro in Jharkhand.
With the new plant the company will get an access to markets in eastern and northeastern state of the country.
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