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Tata Steel to acquire 74% stake in Bhubaneshwar Power

Steel News - Published on Mon, 04 Dec 2017

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Business Standard reported that Tata Steel will acquire 74% stake in Bhubaneshwar Power Private Ltd from JL Power Ventures Private Ltd for INR 255 crore to ramp up its captive source of power. The acquisition provides an opportunity to Tata Steel to meet growing power demand.

The company said in a statement Tata Steel, together with its 100 per cent subsidiary T S Alloys Ltd (T S Alloys), is the holding company of BPPL.

Tata Steel said in the statement that "Tata Steel on November 30, 2017, executed definitive agreements to acquire 74 per cent equity shares of BPPL from JL Power Ventures Private Ltd (JL Power).”

Source :

Posted By : Ratan Singh on Mon, 04 Dec 2017
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