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This is an archive article published on March 10, 1999
Lafarge, Tisco sign pact
MUMBAI, MARCH 9: Lafarge, the world leader in building materials, and Tata Iron and Steel Company Tisco today signed appropriate agreem...
MUMBAI, MARCH 9: Lafarge, the world leader in building materials, and Tata Iron and Steel Company Tisco today signed appropriate agreements for transferring the latter8217;s cement division to Lafarge for a business value of Rs 550 crore.
The agreement, which envisages the transfer of Tisco8217;s cement business as a going concern is subject to the requisite government approvals including the transfer of mining lease. According to a Lafarge release, J J Irani, managing director, Tisco and the executive vice president of Lafarge Asia Pacific, Jean Desazars, signed the agreement. The transfer of business is expected to conclude by March 31, 1999.
Thomas Farrell, country manager of Lafarge in India, will be the chief executive officer for the cement operations 8211; 1.1 million tonne clinker plant at Sonadih in Madhya Pradesh and 1.4 million tonne slag cement grinding plant at Jojobera in Bihar.
As part of their purchase agreement, Lafarge has entered into an exclusive long-term slag supply agreement that entailsthe continued supply of slag from Tisco from the day Lafarge takes over the operations. Lafarge has already received the Foreign Investment Promotion Board FIPB approval to set up a 100 per cent holding company which would in turn set up independent operating companies for manufacture and sale of cement.
The shareholders of Tisco have already approved the company8217;s proposal to sell its cement division to Lafarge, the release added.
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