Tata Steel Limited (TSL) signed a definitive agreement with Creative Port Development Private Limited (CPDPL) and its promoters on January 25, 2017, for the development of Subarnarekha port in Odisha. As per the agreement, TSL will acquire a 51 per cent stake in CPDPL, for which the outlay will be Rs 1.2 billion. Port development will be undertaken by CPDPL’s wholly owned subsidiary, Subarnarekha Port Private Limited. CPDPL had signed a concession agreement with the Odisha government in January 2008 to develop the port as an all-weather, deep-draught facility.
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