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Tata Steel has agreed to acquire a 51% stake in an upcoming port project in Odisha for Rs 120 crore. According to the company, its exact cost of acquisition will depend on the total cost of the project. Currently, the acquisition cost is estimated to be about Rs 120 crore.
Tata Steel, directly or through any of its subsidiaries, intend to acquire the shares of Subarnarekha port project from existing promoters — Ramani Ramaswamy and Ramaswamy Rangarajan, it said in a statement. The stake-purchase, subject to the fulfilment of certain conditions, would be completed within six months. Tata Steel said that the two entrepreneurs, through Creative Port Development (CPD), had entered into a ‘concession’ agreement with the Odisha government in January 2008 to develop the Subarnarekha port in Balasore district.
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