NEW DELHI, June 18 (UPI) -- India's Tata Steel said it has plans to set up a thermal power plant in Orissa state in a joint venture with Jasper Industries.
Tata Steel and its sister company Rawmet Ferrous Industries have entered into a share subscription and shareholders agreement with Jasper Industries for the new plant, the company said in a note to the stock exchange.
The note said Tata Steel and Rawmet together would hold a 26 percent stake in the joint venture entity, Bhubaneshwar Power Pvt. Ltd., while Jasper Industries would own the remaining stake. The joint venture would set up the power plant having 2x67.5 megawatt capacity at Anantpur village in Tack, Orissa.
Jasper Industries has power stations in south India and has long been attached with the Tata group. The power plant is likely to require an investment of less than $500 million. The plant will be of good use for Rawmet, which manufactures 50,000 tons of high carbon ferro chrome. Tata Steel bought Rawmet in early 2007.
