Land transfer to ease Tata Steel's Subarnarekha port acquisition

Tata Steel has already inked a definitive agreement with Chennai-based Creative Port Development Pvt Ltd to pick up 51% equity in the port project from the original promoters

A decision by the Odisha government to hand over 692 acres of land for the first phase development of Subarnarekha port off the coast of north Odisha is expected to ease Tata Steel's acquisition of controlling stake in the port.

Tata Steel in January this year, has already inked a definitive agreement with Chennai-based Creative Port Development Pvt Ltd (CPDPL) to pick up 51 per cent equity in the port project from the original promoters.

"The state government has decided in principle to transfer 692 acres of land for development of Subarnarekha port in the first phase. After vetting by the law