By IANS
New Delhi : Indian lending major IFCI Wednesday called off its proposed 26 percent stake sale to a consortium of potential bidders Sterlite Industries and Morgan Stanley.
According to industry sources, IFCI called off the deal owing to too many conditions put forward by the bidders and also a demand of management control.
The decision to scrap the deal was taken after three days of hectic behind closed doors meeting.
“The deal was called off mainly on management control issues and there are no possibilities of a re-bid,” said an IFCI official.
However, IFCI was keen to take the Sterlite and Morgan Stanley consortium on board as a financial investor without management control.
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