India: Dalmia Bharat has acquired the final 26% stake that it did not already own in Bokaro Jaypee Cement from the Steel Authority of India (SAIL), for US$150m. Bokaro Jaypee Cement has become a wholly-owned subsidiary of Dalmia. In March 2014 Dalmia acquired Jaypee's 74% holding in the company.
Bokaro Jaypee Cement was formed as a 74:26 joint venture project between Jaiprakash Associates and SAIL, for the operation of a 2.1Mt/yr capacity grinding plant at Bokaro, Jharkhand. The cement produced in the unit was sold through Jaiprakash's distribution network under the brand name 'Jaypee Cement'. However, Jaypee exited the venture and used the proceeds to address its debt.
