Tata Steel has signed agreements to acquire a majority stake in Creative Port Development with the aim of developing the Subarnarekha Port in Odisha, enhancing its logistics capabilities and competitive position in the steel industry.

Target Information

Tata Steel Limited (Tata Steel) has signed definitive agreements with Creative Port Development Private Limited (CPDPL) and its promoters, aiming to develop the "Subarnarekha Port" located in Chaumukh village, Balasore district, Odisha. As per the agreements, Tata Steel will acquire a majority equity stake in CPDPL, with the port project being advanced through a wholly-owned subsidiary dubbed Subarnarekha Port Private Limited (SPPL). The successful completion of this acquisition and development initiative is contingent upon meeting specific conditions, conducting detailed technical assessments, and securing financial closure.

CPDPL was established by technopreneurs Mr. Ramani Ramaswamy and Mr. Ramaswamy Rangarajan, who entered into a Concession Agreement with the Government of Odisha in January 2008. The agreement outlines the development of the Subarnarekha Port as an all-weather deep-draft facility. A detailed engineering study of the project's configuration and associated costs will be initiated shortly.

Industry Overview in India

The port development sector in India plays a crucial role in facilitating trade and commerce, thereby contributing significantly to the nation's economic growth. With over 7,500 kilometers of coastline, India possesses immense potential for developin