TATA Steel forms JV with Jasper Industries for power plant in Orissa
TATA Steel Ltd. announced that it along with 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 capacity at Anantpur Village near Cuttack in Orissa, subject to fulfillment of certain conditions.
Pursuant to the Shareholders' Agreement, TATA Steel and Rawmet together will hold 26% and Jasper Industries will hold 74% of the stake of the equity in JV named Bhubaneshwar Power Pvt Ltd.
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