Tata Steel in power project JV with Jasper Industries

Mumbai: Tata Steel Ltd has formed a joint venture with Jasper Industries Ltd to set up a 135 MW power plant in Orissa.

The company and its wholly owned subsidiary Rawmet Ferrous Industries Ltd would hold 26 per cent in the project, and Japser Industries would hold the remaining 74 per cent, Tata Steel said in a filing with the BSE.

The coal-based power plant of 2 X 67.5 MW capacity will come up at Anantpur village in Cuttack, Orissa, subject to fulfillment of certain conditions, the company said.

''Pursuant to the Shareholders' Agreement, Tata Steel and Rawmet together will hold 26 per cent and Jasper Industries will hold 74 per cent of the stake of the equity in Bhubaneshwar Power Pvt Ltd (JV company),'' the release said.

Tata Steel, however, did not give the value of the project or other details.

Jasper Industries, formerly B Seshagiri Rao and Sons Pvt. Ltd, is an authorised dealer of commercial vehicles manufactured by Tata Motors, a sister company of Tata Steel.