A memorandum of understanding was signed between Bokaro Steel managing director V.K. Srivastav and executive vice-chairman of Jaypee Industries S.K. Sharma in Delhi yesterday. SAIL signed the shareholder’s agreement with Jaypee Associates Limited to set up a 2.1-million-tonne cement plant here. In the joint venture company, Bokaro Jaypee Cement Limited, the PSU will have 26 per cent of equity participation. The total project cost has been estimated at Rs 405 crore. Srivastav will be the first chairman of BJCL, while R.K. Singh of Jaypee will be the first managing director.
Source: The Telegraph
23rd February, 2008