Tata Steel buys 74% of Orissa power plant from Jasper Ind for Rs 255 cr

Tata Steel said it has completed the acquisition of a 135 MW power plant from a subsidiary of Jasper Industries for Rs 255 paid in cash.

The thermal power plant, located in Cuttack district in Odisha, will help it increase its captive source of power to meet its growing demand, it said.

The acquired company had revenue of Rs 306 cr in the year ended March, and was a joint venture between Tata Steel and Jasper Industries. Before the transaction, Tata Steel owned 26% of the company.

The acquired company was incorporated in 2006 and did not have any revenue in FY16 or FY15.