Tata Steel in Orissa joint venture to set up power plant
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Mumbai: Tata Steel and its wholly-owned subsidiary, Rawmet Ferrous Industries Ltd, will collaborate with vehicle dealer Jasper Industries to set up a power plant in Orissa, it was announced Monday. The coal-based power plant with a 135 megawatt capacity will be located at Anantpur village in Cuttack district. As per the shareholders' agreement, Tata Steel and Rawmet will hold 26 percent, while Jasper Industries will hold 74 percent of the equity in Bhubaneswar Power Pvt. Ltd, the new joint venture company set up for the purpose. Jasper Industries, formerly B. Seshagiri Rao and Sons Pvt. Ltd, is an authorised dealer of commercial vehicles manufactured by Tata Motors, a sister company of Tata Steel.
Source: IANS
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