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Tata Steel terminates pact to acquire Brahmani River Pellets

Steel News - Published on Thu, 12 Oct 2017

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Tata Steel announced that it has terminated an agreement to acquire Odisha based iron ore pellet manufacturer Brahmani River Pellets Ltd for INR 900 crore. Tata Steel said in a filing to BSE “This has reference to our release dated 23rd December 2016, intimating about the execution of definitive agreement to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from the selling entities being Aryan Mining and Trading Corpn Private Limited (AMTC) and companies in the Moorgate Industries Group (MIG). The transaction has not been completed within the long stop date, due to non - fulfilment of certain conditions precedent by the sellers, such as, 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. In the absence of clear approvals, the shares could not, in our opinion, be transferred with a clear title.”

The company was originally established by the Moorgate Industries Group (MIG), which continues to hold a significant stake in BRPL through its shareholding in AMTC. MIG was formed on demerger from the Stemcor Group of Companies as part of a UK court-approved restructuring in 2015.

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Posted By : Rabi Wangkhem on Thu, 12 Oct 2017
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