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, which was a front-runner to acquire the company, dropped out.
The deal will give the Sajjan Jindal-controled steel giant access to a 4 million ton per annum (mtpa) pellet plant and a 4.7 mtpa iron ore beneficiation plant in the eastern state of Odisha, and a 230 kilometers 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. 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.
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