Tata Steel to speed up acquisition of Subarnarkeha port in North Odisha

After recent execution of land lease deal with port authorities, 693 acres is being transferred by Odisha govt for phase-1 development of port

Tata Steel is looking to speed up acquisition of majority stake in Creative Port Development Ltd (CPDL), the special purpose vehicle formed to develop the Subarnarekha port off the coast of north Odisha.

After the recent execution of land lease agreement with the port authorities, 693 acres of land is being transferred by the Odisha government for facilitating first phase development of the port.

“Tata Steel after its announcement had acquired a token equity of three per cent in CPDL. But, after the leasing of land, they are now keen to complete their acquisition. Construction work on the port is