Tata Steel Ltd.

Tata Steel has terminated an agreement to acquire Odisha-based iron ore pellet manufacturer Brahmani River Pellets (BRPL) for Rs 900 crore. The transaction has not been completed within the long stop date, due to non-fulfillment of certain conditions precedent by the sellers, obtaining the necessary regulatory approvals from the Reserve Bank of India (RBI), settlement of proceedings under FEMA by the Directorate of Enforcement, approval from the Income Tax authorities, etc.

Earlier in December, 2016, the company had executed definitive agreement to acquire 100% equity shares of Brahmani River Pellets (BRPL) from the selling entities being Aryan Mining Trading Corp and companies in the Moorgate Industries Group.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.