Tata Metaliks calls off deal to sell its 300,000 tpy pig iron operations to Fomento of Goa
Apr 05, 2012 | 01:00 PM
|
Tata Metaliks, a subsidiary of Tata Steel has called off a $36.73 million deal to sell its 300,000 tpy pig iron plant at Redi to one of Goa’s major exporters of iron ore, Fomento Resources, due to “irreconcilable issues”.
In February, Tata Metaliks agreed to sell the Redi plant, in the Sindhudurg district of the Western Indian state of Maharashtra, to Fomento subsidiary Fomento Mining.
Tata Metaliks announced the collapse of the deal in a statement to the Bombay Stock Exchange.
“The Business Transfer Agreement (BTA) entered into by the Company with Fomento (Karnataka) Mining Company on September 28, 2011, for the sale/transfer of the company’s Redi business unit situated in Sindhudurg, Maharashtra....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute — no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Subscribe Now
Click Here
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.
Take a Free trial
Click Here