Tata Steel will be acquiring 74% stake in Bhubaneshwar Power Private Ltd (BPPL),from JL Power Ventures Private Ltd for Rs.255 crore. This acquisition will help Tata Steel to meet its growing power demand.

Tata Steel with its 100% subsidiary T S Alloys Ltd (T S Alloys), is the holding company of BPPL. The company stated, “Tata Steel on November 30, 2017, executed definitive agreements to acquire 74% equity shares of BPPL from JL Power Ventures Private Ltd (JL Power).”

Further, the acquisition will need an approval from the Odisha Industrial Infrastructure Development Corporation, apart from few other clearances.

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