December 18, 2017 / 11:17 AM / 10 months ago

India's JSW to buy 49 percent stake in Brahmani River Pellets

(Reuters) - 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 logo of JSW is seen on the company's headquarters in Mumbai, India, February 11, 2016. REUTERS/Danish Siddiqui/File Photo

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.

Reporting By Arnab Paul in Bengaluru; Editing by Biju Dwarakanath

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