16 May 2010
The OP Jindal Group promoted Jindal Steel and Power Limited (JSPL) has discontinued discussion with Al Ghaith Holdings of the UAE for acquisition of Shadeed Iron and Steel, the 1.5 MT Hot Briquetted Iron facility located in Sohar, Oman.

JSPL was not able to finalise an agreement with Al Ghaith mainly owing to issues such as title ownership due to the existing transactions with a BVI company, lack of clarity over the land title due to breach of the agreement with Sohar port authority and substantial incremental liabilities exceeding $50 million (Dh183.5m) from China Shougang and Ajwaa Gas, the company said in a statement.

By Piyush Pandey

© Emirates Business 24/7 2010