Tata Steel’s deal to sell 70% stake in its southeast Asian business to HBIS Group has fallen through as the latter failed to procure the requisite approvals, a precondition for the deal.
“We have been informed by HBIS that they have not been able to procure the requisite approvals from the Hebei Government, one of the key conditions precedent for the proposed transaction,” Tata Steel said in a statement.
Tata Steel will begin engagement with other investors to find a partner for the southeast Asian business, the company statement added.