Tata Steel (TSL) has executed definitive agreements with Creative Port Development (CPDPL) and their promoters for the proposed development of ‘Subarnarekha Port’ at Chaumukh village of Balasore district in Odisha.
As per the agreements, TSL will acquire majority equity stake in CPDPL, and the port development is envisaged through a wholly-owned subsidiary, Subarnarekha Port (SPPL). The acquisition and development is subject to certain conditions precedent, detailed technical assessments and financial closure.
Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
