Tata Steel to buy majority stake in Odisha port project

Tata Steel Limited (TSL) has signed a definitive agreement with Creative Port Development Private Limited (CPDPL) and the latter’s promoters for the development of Subarnarekha port in Odisha. As per the terms of the agreement, TSL will acquire a 51 per cent stake in CPDPL for Rs 1.2 billion. The development of the port 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.