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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.
