Tata Steel has acquired 74 per cent stake in Bhubaneshwar Power (BPPL) from JL Power Ventures for Rs 255 crore to ramp up its captive source of power.
On November 30 last year, the Tata Steel executed definitive agreements to acquire 74 per cent 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 today.
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 today ended 3.82 per cent lower at Rs 669.70 apiece on BSE.