FE reported that Binani Cement is likely to form a JV with Rajasthan State Mineral Development Corporation and Gujarat State Mineral Development Corporation for mining lignite, which will be used as an alternative fuel for its 75 MW captive power plant in Rajasthan.

As per report, Binani Cement will invest around INR 500 crore in the JV and the funds will be raised through a mix of debt and equity. The JV is expected to be finalized by September 2008.