Tata Steel to buy 74% stake in Bhubaneshwar Power for $39.5m

Tata Steel Ltd will buy remaining 74 per cent stake in its joint venture with Bhubaneshwar Power Pvt Ltd (BPPL) for Rs 255 crore ($39.54 million) in cash.

The company will buy the stake from its joint venture partner JL Power Ventures Pvt Ltd, it said in a stock market disclosure on Friday. The deal is subject to regulatory approvals and is expected to close in a couple of months.

Currently, Tata Steel alongwith its wholly-owned subsidiary TS Alloys Ltd holds 26 per cent stake in BPPL.

The acquisition provides an opportunity for Tata Steel to increase its captive source of power.

Bhubaneshwar Power is engaged in the business of generation of power. It owns a 135 MW thermal power plant at Anantapur Village, Odisha. The company had a revenue of Rs 305.8 crore in FY17.

BPPL which was started in July 2006, is engaged in the business of power in the country. It is a joint venture between Tata Steel, its wholly-owned subsidiary TS Alloys and JL Power, a subsidiary of Jasper Industries Pvt Ltd.

In FY, the company recorded a revenues of Rs 305.8 crore.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.