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Tisco transfers cement business to Lafarge

Tata Iron and Steel Company Limited today sold off its cement division to Lafarge for Rs 5.5 billion.

An agreement to this effect was signed at Jamshedpur and is subject to the requisite government approval, including transfer of the mining lease.

Dr J J Irani, managing director of Tisco and Lafarge Executive Vice-President, 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 president of Lafarge Asia Pacific. Jean Desazars signed the agreement. The transfer of business is expected to conclude by March 31, 1999.

As part of their purchase agreement, Lafarge has entered into an exclusive long-term slag supply agreement that entails the continued supply of slag from Tisco from the day Lafarge takes over the operation.

Lafarge has already received approval from the Foreign Investment Promotion Board to set up a 100 per cent holding company that would, in turn, set up independent operating companies for manufacture and sale of cement. Tisco's shareholders have already approved the company's proposal to sell its cement division to Lafarge.

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