Dalmia Bharat s acquisition of Jaiprakash Associates cement assets for ₹5,666 crore is facing a legal hurdle due to a shareholder dispute at one of the joint-venture plants involved in the deal. The National Company Law Tribunal (NCLT) has ordered a freeze on Jaypee s shareholding in Jaypee Bhilai Cement, a joint venture between Jaiprakash Associates and Steel Authority of India Limited (SAIL).
HM Bangur, MD, Shree Cement - Photograph by Subir Halder
In the middle of the coronavirus crisis, the Rs 12,000-crore, Kolkata-based Shree Cement went ahead and cemented a partnership with one of India s iconic football clubs - East Bengal Sporting Club - soon after it completed 100 years. Shree Cement picked up a 76 per cent stake in the club, which has since been renamed Shree Cement East Bengal Foundation. We want to be associated with major activities of West Bengal, says Shree Cement Managing Director Hari Mohan Bangur. This is the right time to invest in a global sport like football.