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Steel Authority of India Ltd (SAIL) has entered into an agreement with Jaiprakash Associates to form a joint venture company, which would set up a 2.1 million tonnes cement plant in Bokaro with an estimated investment of Rs 405 crore.
The joint venture company - Bokaro Jaypee Cement Ltd - would have an initial, authorised paid-up capital of Rs 50 crore raised through debt-equity in the ratio of 70:30, SAIL said in a statement.
Equity participation in the new company by Jaiprakash Associates and SAIL would be in the ratio 76:24. The proposed cement plant would come up in over two years and it will use the slag generated by SAIL's Bokaro Steel Plant's blast furnaces.
SAIL is also contemplating a similar initiative for utilisation of slag generated at its Rourkela Steel Plant, for which it is scouting a joint-venture partner. The public sector steel manufacturer has decided to diversify in cement production in a phase d manner.
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