Tata Steel, Jasper in pact for power project

Mumbai: 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. 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.

Jasper Industries (formerly known as B. Seshagiri Rao & Sons Pvt Ltd) is an authorised dealer of Tata Motors’ commercial vehicles in Andhra Pradesh.