TATA Steel Ltd announced that it along with and its wholly owned subsidiary, Rawmet Ferrous Industries Ltd have entered into a Share Subscription Agreement and Shareholders' Agreement with Jasper Industries Pvt Ltd to set up a coal based power plant of 2 X 67.5 MW capacity at Anantpur Village near Cuttack in Orissa, subject to fulfillment of certain conditions.

Pursuant to the Shareholders' Agreement, TATA Steel and Rawmet together will hold 26% and Jasper Industries will hold 74% of the stake of the equity in JV named Bhubaneshwar Power Pvt Ltd.