Orient Cement has agreed to buy Bhilai Jaypee Cement Ltd (BJCL) from Jaiprakash Associates Ltd (JAL), the company said after its board meeting on Thursday. 

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It said that the board gave its consent for acquisition of 28.9 crore equity shares of Bhilai Jaypee Cement Limited (BJCL) from JAL and 752 equity shares from of BJCL from the nominee of JAL for Rs 1,450 crore.

Orient Cement also said that the company will buy Nigrie Cement Grinding unit of Jaiprakash Power Ventures Ltd (JPVL) as a "going concern" for Rs 500 crore.

BJCL has a net cement capacity of 2.2 million tonne (MT) and a clinker capacity of 1.1 MT with a turnover of Rs 399.27 crore as on March 31, 2016.

Nigrie Cement Grinding unit of JPVL with total production capacity of 2 MTPA and turnover of Rs 90.7 crore till March 31, 2016.

Shares of Orient closed lower 0.63% to Rs 221.85 on BSE.