The acquisition provides an opportunity to Tata Steel
to meet growing power demand, it added.
Tata Steel, together with its 100 per cent subsidiary T S Alloys Ltd (T S Alloys), is the holding company of BPPL, a company statement said.
on November 30, 2017, executed definitive agreements to acquire 74 per cent equity shares
from JL Power Ventures Private Ltd (JL Power)," Tata Steel
said in the statement.
further said the acquisition will require an approval from the Odisha
Industrial Infrastructure Development Corporation, apart from a few other clearances, and the indicative period for completion of the acquisition is two months.
Incorporated in 2006, Bhubaneshwar Power Private Ltd
(BPPL) is into the business of power generation and a JV among Tata Steel, T S Alloys and JL Power, a subsidiary of Jasper Industries Pvt Ltd.