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.
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