Indian steelmaker Tata Steel has announced that it has signed a definitive agreement with India-based Creative Port Development Private Limited (CPDPL) for the development of Subarnarekha Port at Chaumukh in the Balasore district of the eastern Indian state of Odisha.
According to the agreement, Tata Steel will acquire a majority equity stake in CPDPL, while the port development is envisaged through a wholly-owned subsidiary, Subarnarekha Port Private Limited (SPPL). The acquisition and development is subject to certain conditions precedent, detailed technical assessments and financial closure.
Tata Steel’s executive director Koushik Chatterjee stated that the location of the proposed port makes it attractive to structurally enhance the competitive position of the company’s Indian operations.