IFCI today called off its planned 26% stake sale to the consortium of Sterlite Industries and Morgan Stanley after they put too many conditions.
"It (the stake sale) is off. Too many conditions put by Sterlite and Morgan Stanley created complexities," a source familiar with the development said.
Sources said management control was the main reason for the deal to be called off at the last minute.
IFCI was keen to take the Sterlite and Morgan Stanley consortium on board as a financial investor without management control.
"It (the stake sale) is off. Too many conditions put by Sterlite and Morgan Stanley created complexities," a source familiar with the development said.
Sources said management control was the main reason for the deal to be called off at the last minute.
IFCI was keen to take the Sterlite and Morgan Stanley consortium on board as a financial investor without management control.
