India's JSW to buy 49 pct stake in Brahmani River Pellets

JSW Holdings

18/12/2017 11:12

Dec 18 (Reuters) - A unit of India's JSW Group said it will 
buy a 49 percent stake in iron ore pellets manufacturer Brahmani 
River Pellets Ltd for an undisclosed amount, after Tata Steel 
Ltd  TISC.NS , which was a front-runner to acquire the company, 
dropped out. 
    The deal will give the Sajjan Jindal-controlled steel giant 
access to a 4 million tonne per annum (mtpa) pellet plant and a 
4.7 mtpa iron ore beneficiation plant in the eastern state of 
Odisha, and a 230 kilometres long pipeline connecting both, 
where the group has been trying to get a foothold for a long 
time. 
    JSW Techno Projects Management Ltd said after market hours 
on Friday that it will buy the stake from Aryan Mining and 
Trading Corp Pvt Ltd. http://bit.ly/2zkH8Vr 
    Tata Steel terminated an agreement with Aryan Mining in 
October to acquire the eastern India-based Brahmani in the 
absence of regulatory approvals.  urn:newsml:reuters.com:*:nFWN1MM09D 
     
     
 
 (Reporting By Arnab Paul in Bengaluru; Editing by Biju 
Dwarakanath) 
 ((arnab.paul@thomsonreuters.com; +91 8067491310; Reuters 
Messaging: arnab.paul.thomsonreuters.com@reuters.net)) 
 
Keywords: JSW M&A/BRAHMANI