The Company formed two JVCs5, one each at Bhilai and Bokaro in April 2007 and March 2008 respectively, with Jaypee Cement Limited (JCL) which had equity stake of 74 per cent and management control. JVCs were to use slag, a by-product produced in SAIL's Bhilai Steel Plant (BSP) and Bokaro Steel Plant (BSL) for making cement. Each plant