Jindal Steel second time unlucky for Rocklands

Mumbai : Buys only another 12.56% despite extended deadlines, revised offer.Jindal Steel and Power Ltd (JSPL) has once again failed to acquire Australian coking coal miner Rocklands Richfield, despite a revised offer price and extended deadlines. It managed to buy 12.56 per cent stake, raising its holdings to 27.29 per cent.

JSPL finance director, Sushil Maroo, said, “Our aim was to get over 50 per cent stake in the company, and clearly that hasn’t happened."

Maroo was non-committal about JSPL’s Rocklands acquisition plans. “It’s not necessary that every effort gets translated into an acquisition. We are not keen on paying more to acquire the company at this stage and hence, are not pursuing it any further."