Dalmia Cement Bharat limited took the total control of the Bokaro Jaypee Cement limited (BOJCl) — a joint venture cement unit of Steel Authority of India limited (SAIl) and Jaiprakash Associates limited. BOJCl, a 2.1 million tonne (MT) cement unit, was formed as a 74:26 joint venture between Jaiprakash Associates and Steel Authority of India (SAIl) at at Balidih, Bokaro Steel City.
SAIl sold its entire 26 per cent equity shareholding to Shri Rangam Securities & Holdings limited (SRSHl) which is a subsidiary of Dalmia Cement on 28 November, official informed. Established with an estimated cost of `440 crore BOJCl is having world’s latest technology of cement production with vertical rolling mill and Wagon tippler facility can produce 340 tonne of cement per hour with the help of two mills.
In the year 2008 SAIl signed a shareholder’s agreement with Jaypee Associates limited (JAl) to establish BOJCl. The commercial production from the unit was started in May 2011. SAIl sold its 347,49,000 equity shares of `10 each in BOJCl to SRSHl at the rate of `67.50 per share, added the official.
Earlier in June this year Jaiprakash Associates limited sold its 74 per cent stake of BOJCl to Dalmia Cement limITed (`690 crore) in a bid to easy its `60,000 crore of debt burden. “All employees working with BOJCl will continue but later it may be changed,” sources said.
