Welcome to Refwin.com, Join Free  |  Sign In Home  Inquiry   Contact   Mobile   中文站
Directory Price Market Buy News Conference Dictionary
I want to search:          
Home >>News 
Tata Steel terminates acquisition to pellet maker BRPL

Oct. 13, 2017 - Tata Steel announced it has terminated the process to acquire Odisha-based iron ore pellet manufacturer Brahmani River Pellets Limited.

"The transaction has not been completed within the long stop date, due to non-fulfilment of certain conditions precedent by the sellers, obtaining the necessary regulatory approvals from the Reserve Bank of India, settlement of proceedings under FEMA by the Directorate of Enforcement, approval from the Income Tax authorities, etc," Tata Steel said in a filing to BSE.


Tata Steel in last December had released the announcement of signing an agreement to acquire Brahmani River Pellets Ltd (BRPL) for Rs 900 crore in an all-cash deal.


Tata Steel had said the deal, subject to regulatory approvals, was expected to close in four months. The company had said that it also needs approval from RBI and other regulatory bodies to restructure BRPL’s balance sheet, including shareholders loan and advances.


BRPL was incorporated on August 24, 2006 and is engaged in the business of acquisition and beneficiation of iron ore and the manufacture and sale of iron ore pellets. Pellets are used as agglomerates in the iron making process. The company was originally established by Moorgate Industries Group (MIG), which continues to hold a significant stake in BRPL through its shareholding in AMTC. 
Related Reading
Thyssenkrupp: JV with Tata Steel to be finalised by 2018-end   2018-04-20
Thyssenkrupp: Executive Board informs Supervisory Board about the status of the planned joint venture   2018-04-17
Thyssenkrupp, Tata Steel delay signing of JV; may take place after June   2018-04-13
Bhushan Steel resolution plan submitted to NCLT for approval   2018-03-30
Year end note: Tata chief stresses on simplification, synergy to employees   2017-12-27
Thyssenkrupp Reaches Deal With Trade Union IG Metall On Tata Merger   2017-12-25

Online Service