Leading cement company, Prism Cement Ltd has said that it has agreed to acquire 15.23 per cent (post acquisition) equity stake for approximately Rs. 21 Crores in BLA Power Private Limited ('BLA Power'), which is in the sole business of generating thermal power.
"The Company shall enter into a Power Supply Agreement ('PSA') with BLA Power for the purchase and consumption of 25 MW of RTC (Round The Clock) power from BLA Power for its cement plants - Unit I and Unit II at Satna, Madhya Pradesh under the Group Captive Arrangement under the Electricity Rules, 2005," the company said in a filing to the Bombay Stock Exchange.
This agreement is expected to reduce the cost of cement production. Meanwhile, shares of the company were trading at Rs 95.30 apiece, up 2.97 per cent from the previous close at 09:35 hours on BSE.