Tata Steel acquires 74% stake in BPPL for Rs255 crore
New Delhi: Tata Steel has acquired 74% stake in Bhubaneshwar Power (BPPL) from JL Power Ventures for Rs255 crore to ramp up its captive source of power.
On 30 November last year, the Tata Steel executed definitive agreements to acquire 74% equity shares of BPPL from JL Power Ventures (JL Power). “Tata Steel has concluded the acquisition of 74 per cent of the equity shares of BPPL on February 1, 2018,” the steel major said in a BSE filing on Friday.
The acquisition will provide an opportunity to Tata Steel to meet the growing demand for power. “The consideration for 74 per cent equity shares is Rs 255 crore,” it informed BSE.
Shares of Tata Steel ended 3.82% lower at Rs669.70 apiece on BSE.
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