Tata Steel has executed definitive agreements to acquire 74% equity shares of Bhubaneshwar Power from JL Power Ventures for a consideration of Rs255cr.
Bhubaneshwar owns a 135 MW (2×67.5MW) thermal power plant at Anantapur Village in Cuttack District of Odisha.
The company further said the acquisition will require an approval from the Odisha Industrial Infrastructure Development Corporation, apart from a few other clearances, and the indicative period for completion of the acquisition is two months.
After completion of the transaction Bhubaneshwar Power will become a wholly-owned subsidiary of Tata Steel.
The transaction is likely to be completed in two months, Tata Steel said in a notice to the exchanges. Read More…