Jindal Steel says Shadeed acquisition talks ended | business | Hindustan Times
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Jindal Steel says Shadeed acquisition talks ended

Jindal Steel & Power today said it has discontinued talks with United Arab Emirates-based Al Ghaith Holdings regarding the purchase of Shadeed Iron & Steel.

business Updated: May 15, 2010 18:16 IST

Jindal Steel & Power on Saturday said it has discontinued talks with United Arab Emirates-based Al Ghaith Holdings regarding the purchase of Shadeed Iron & Steel.

In a statement, Jindal Steel said it was not able to come to an agreement with Al Ghaith due to reasons including lack of clarity on land titles and incremental liabilities.

Late last month, the Economic Times newspaper had said Jindal Steel was close to acquiring Oman-based Shadeed for nearly $500 million.