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Tata Steel to acquire 74% stake in Bhubaneshwar Power for Rs 255 crore

Acquisition to help firm in meeting its growing power demand

Press Trust of India  |  New Delhi 

Tata Steel

will acquire 74 per cent stake in (BPPL) from JL Power Ventures Private Ltd for Rs 255 crore to ramp up its captive source of power.

The acquisition provides an opportunity to to meet growing power demand, it added.

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

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

Tata Steel further said the acquisition will require an approval from the Industrial Infrastructure Development Corporation, apart from a few other clearances, and the indicative period for completion of the acquisition is two months.

Incorporated in 2006, (BPPL) is into the business of power generation and a JV among Tata Steel, T S Alloys and JL Power, a subsidiary of Jasper Industries Pvt Ltd.

First Published: Fri, December 01 2017. 20:25 IST