Joint Venture11 Dec 2024, 08:57 pm
Shiva Cement Amends MoU with Bhushan Power and Steel for 1.0 MTPA Cement Grinding Unit
AI Summary
Shiva Cement Ltd. has amended a Memorandum of Understanding (MoU) with Bhushan Power and Steel Ltd. (BPSL) regarding the setting up of a 1.0 MTPA cement grinding unit (GU) in BPSL’s premises at Sambalpur, Odisha. The amendment, dated 11th December 2024, modifies certain terms of the original MoU executed on 4th October 2024. The Company will remit INR 50,00,00,000 to BPSL pursuant to the amended MoU. The Proposed Transaction aligns with Shiva Cement's long-term objectives.
Key Highlights
- Shiva Cement and Bhushan Power and Steel enter into an amended Memorandum of Understanding.
- The amended MoU involves setting up a 1.0 MTPA cement grinding unit in BPSL’s premises at Sambalpur, Odisha.
- Shiva Cement to remit INR 50,00,00,000 to BPSL pursuant to the amended MoU.
- The Proposed Transaction aligns with Shiva Cement's long-term objectives.
- BPSL is a related party of Shiva Cement, with control/significant influence exercised by promoter group companies.