Tata Steel To Acquire 74% Stake In Bhubaneshwar Power

Tata Steel To Acquire 74% Stake In Bhubaneshwar Power

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…

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