 "SAIL offloads full stake in Bokaro cement JV")
State-run steel maker SAIL has sold its entire 26% stake in a cement joint venture for about Rs 235 crore to an indirect subsidiary of Dalmia Bharat.
SAIL had formed the 74:26 venture with Bokaro Jaypee Cement and Jaiprakash Associates to produce 2.1 million tonnes of cement using slag. Jaiprakash Associates had sold its 74% stake in the venture to Dalmia in March.
"SAIL has on November 28, 2014 sold its entire 26% equity shareholding of 347,49,000 equity shares of Rs 10 each in Bokaro Jaypee Cement. SAIL has received a sum of Rs 234.56 crore as consideration for sale of the above shares," the PSU steel maker said in a statement.
SAIL executed the transaction at Rs 67.50 per share.
Diversified firm Dalmia Bharat has a 30-year clinker supply arrangement with Jaiprakash Associates and 30-year slag supply arrangement with SAIL. Dalmia Bharat Group has an annual cement-making capacity of over 21 MT now.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%