Mumbai: Domestic steel giant Tata Steel said on 16 June it will set up a coal based power plant in Orissa jointly with Jasper Industries.
Tata Steel and its wholly-owned subsidiary Rawmet Ferrous Industries have entered into a share subscription agreement and shareholders’ agreement with Jasper Industries in this connection, the company said in a filing to the Bombay Stock Exchange.
Pursuant to the shareholders’ agreement, Tata Steel and Rawmet together would hold 26% and Jasper would hold 74% stake in Bhubaneshwar Power Pvt. Ltd, the JV company.
Tata Steel and Jasper Industries would set up a coal based power plant of 2 X 67.5 MW capacity at Anantpur Village in Tack, Orissa, the company said in the filing.
The shareholders’ agreement is subject to the fulfilment of certain conditions, the company added.
Shares of Tata Steel were trading at Rs851.50, up 1.21% on BSE in afternoon trade.