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Mumbai, June 16

Tata Steel Ltd and its wholly owned subsidiary Rawmet Ferrous Industries Ltd have entered into a Share Subscription Agreement and Shareholders’ Agreement with Jasper Industries Pvt Ltd to set up a coal-based power plant of 2 X 67.5 MW at Anantpur village, Cuttack, Orissa. The agreement is subject to fulfilment of certain conditions, Tata Steel informed the Bombya Stock Exchange here on Monday. Pursuant to the shareholders’ agreement, Tata Steel and Rawmet Indus tries together will hold 26 per cent and Jasper Industries will hold 74 per cent of the stake of the equity in joint venture company — Bhubaneshwar Power Pvt Ltd. According to information available on the Internet, Jasper Industries (formerly known as B. Seshagiri Rao & Sons Pvt Ltd) is an authorised dealer of Tata Motors’ commercial vehicles in Andhra Pradesh. —

Our Bureau

More Stories on : Alliances & Joint Ventures | Power | Tata Steel Ltd

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