Jaypee Group ink MoU with Assam Minerals for cement plant

Jaypee Group ink MoU with Assam Minerals for cement plant
Published: 04 August 2009

Jaiprakash Associates Ltd the flagship company of the well diversified industrial conglomerate Jaypee Group signed an MoU for setting up a 2Mt capacity cement plant in JV with Assam Mineral Development Corporation Limited.

The MOU was signed by Mr Manoj Gaur executive chairman of Jaiprakash Associates Ltd and Mr JP Baruah MD of Assam Mineral Development Corporation Limited.

The bids for setting up the cement plant were invited by govenment of Assam in June 2007 and in all 23 companies participated in the bid. After opening of the bid in August 2007, Jaiprakash Associates Limited was declared the successful bidder by offering highest amount of facilitation fee & free equity to AMDC.

The joint venture company to be incorporated shortly shall set up cement project at Umrangshu District Halflong North Cachhar Hills in Assam based on the limestone reserves of 157Mt in the region.

Jaiprakash Associates Ltd shall have 82% equity in the new joint venture company with the balance 18% allotted free of cost to Assam Mineral Development Corporation.