Bhubaneswar, Jan 27: Tata Steel Limited (Tata Steel) has executed a definitive agreement with Creative Port Development Private Limited (CPDPL) and their promoters for the proposed development of “Subarnarekha Port” at Chaumukh village in Balasore. As per the agreement, TSL will acquire majority equity stake in CPDPL, and the port development is envisaged through a wholly-owned subsidiary, Subarnarekha Port Private Limited (SPPL). Tata Steel didn’t disclose the consideration it was paying to acquire the stake in CPDPL. The fresh investment that Tata Steel proposes to make in a port facility, to complement its steel mill operations in Odisha, comes after the company had, in 2014, divested its stake in Dhamra Port, along with Larsen and Toubro, to Adani Ports, for a total consideration of Rs 5,500 crore.
CPDPL, promoted by two technoprenuers, Mr Ramani Ramaswamy and Mr Ramaswamy Rangarajan, had entered into a Concession Agreement with the Government of Odisha in January 2008 to develop the Subarnarekha Port as an all-weather deep-draft facility. Detailed engineering study to arrive at the configuration and the project cost will be undertaken soon. The upcoming all-weather port is expected to complement the company’s recently commissioned steel operations in Kalinganagar.
