MUMBAI: Domestic steel giant Tata Steel on Monday said it will set up a coal based power plant in Orissa jointly with Jasper Industries.
Tata Steel and its wholly-owned subsidiary Rawmet Ferrous Industries have entered into a share subscription agreement and shareholders' agreement with Jasper Industries in this regard, the company said in a filing to the Bombay Stock Exchange.
Pursuant to the shareholders' agreement, Tata Steel and Rawmet together would hold 26 per cent and Jasper Industries would hold 74 per cent of the stake of the equity in Bhubaneshwar Power Pvt Ltd (JV Company).
Tata Steel along with Jasper Industries would set up a coal based power plant of 2 X 67.5 MW capacity at Anantpur Village in Tack, Orissa, the company said in a filing to the Bombay Stock Exchange.
The shareholders' agreement is subject to the fulfilment of certain conditions, the company added.
Shares of Tata Steel were trading at Rs 851.50, up 1.21 per cent on the BSE in afternoon trade.
