India: Prism Cement acquires stake in BLA Power

India: Prism Cement acquires stake in BLA Power
Published: 07 June 2016

Tagged Under: India Prism Cement 

Prism Cement has agreed to acquire 15.23 per cent equity stake for approximately INR210m (US$3.14m) in BLA Power, which is in the sole business of generating thermal power.

The company will enter into a power supply agreement with BLA Power for the purchase and consumption of 25MW of RTC (round the clock) power from BLA Power for its Unit I and II cement plants at Satna, Madhya Pradesh, under the Group Captive Arrangement of the Electricity Rules, 2005. This agreement is expected to reduce the cost of cement production.