SAIL’s cement pact

New Delhi, Feb. 21: Steel Authority of India Ltd (SAIL) has signed a joint venture agreement with Jaiprakash Associates to set up a 2-million-tonne cement plant at Bokaro, Jharkhand. It will use slag produced at SAIL’s Bokaro Steel Plant to make cement. SAIL will hold a 26 per cent stake in the joint venture and the remaining 74 per cent will be with Jaiprakash Associates. At present, SAIL is selling slag to cement companies through medium-term contracts but it still has sufficient excess slag to sell to other units. This prompted the steel maker to look for cement joint ventures which could use up all its remaining slag.

R-Com buy

New Delhi, Feb. 21:Reliance Communications (R-Com) has acquired Uganda-based Anupam Global Soft, a company holding service provider license, and has announced an investment of about Rs 2,000 crore over the next five years to set up telecom network in the African nation.

Foseco stake

Mumbai, Feb. 21: UK-based Cookson group has acquired a 20 per cent stake in Foseco India for about Rs 53.64 crore through an open offer. The firm bought 12,77,292 equity shares at a price of Rs 420 per share.

Birla Nuvo

Mumbai, Feb. 21: Aditya Birla Nuvo, part of the Aditya Birla group, will raise funds through issue of warrants to promoter group companies on a preferential basis.