Tata SteelBSE -3.82 % has acquired 74 percent 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 percent equity shares of BPPL from JL Power Ventures (JL Power).
“Tata Steel has concluded the acquisition of 74 percent 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 percent equity shares is Rs 255 crore,” it informed BSE.
Source: Economic Times